Flexible Access Drawdown Pension

At last, you can enjoy flexible access to the whole of your retirement savings subject to the prevailing terms and conditions allowed by the Government.

Benefits

• Flexi-Access Drawdown lets you take a retirement income from your pension fund and continue to benefit from any potential investment growth on the remaining fund.
• You can choose where to invest your money from a wide range of options.
• You have the flexibility to decide when and how to take an income as your needs change. You may require lump sums.
• You have options to provide an income for your spouse/civil partner or dependants when you die.
• Generally for people with larger funds or other sources of income that may be willing to take a higher degree of risk. For this reason, you need to discuss this with us to help ensure it is right for you.

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Risks and considerations

• If you are a member of an 'occupational pension scheme', the options available to you may vary.
• If you want to transfer out of a defined benefit scheme or you have a pension with safeguarded benefits of £30,000 or more, legislation requires you to take financial advice.
• Your retirement income will depend on the choices you make and you should shop around to find the most suitable product for you.
• By converting your pension to a flexi-access drawdown, you may lose any guarantee you have on your plan and restrict the amount you can invest tax-free into a future pension.
• If investment returns are low and/or you take out too much money, you may run out and need to rely on other income. You may also not get back what you put in.
• Tax relief will depend on your individual circumstances and is subject to change in the future. You may need to pay additional tax or reclaim overpaid tax from HMRC.