How to apply for Uncrystallised Funds Pension Lump Sums (UFPLS)
You can take money from your pension when you want with UFPLS. Here's how it works and how you can request an illustration. Remember, the earliest you can normally access money in a pension is age 55 (57 from 2028).
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UFPLS summary
Uncrystallised Funds Pension Lump Sums (UFPLS) give you the flexibility to take money from your SIPP as and when you need it.
Usually, 25% of each lump sum is tax-free, with the rest taxed as income. Anything you do not take stays invested in your SIPP. This means it has the chance to keep growing until you need it.
How to apply for UFPLS with HL
- Request your illustration. This will show you how your lump sum withdrawal could affect how long your remaining SIPP lasts.
- Complete a risk questionnaire, either over the phone or by post. This checks you understand the potential risks involved with taking a lump sum.
- Complete your application pack and send it back in the post.
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