Apply for drawdown online
To apply online you must be:
- Moving an existing HL SIPP into drawdown
- Aged between 55 and 74
- Taking the maximum tax-free cash you're allowed (25%)
Can't apply online? Apply by post.
What you need to read first
- Drawdown Key Features and Important Information (PDF)
- HL Service Key Features and Terms and Conditions (PDF)
- Drawdown Declaration (PDF)
- Accessing your pension - important information (PDF)
Please contact us if you have any questions about these documents.
What you need to know
- Income - you cannot set up an income instruction as part of your online application. If you’d like to make an income withdrawal you can log into your online drawdown account after you’ve applied to request a one-off payment or send us a secure message. Alternatively you can call us or send a signed letter confirming your income instruction.
- Tax - please make sure you understand how personal tax allowances and inheritance tax will affect you in drawdown.
- Tax-free cash - we can only make a payment to you if you have enough uninvested cash in your SIPP to cover the tax-free cash amount. You should make sure this is available before you apply, to avoid delaying your application.
- Direct Debits and contributions - if you’re planning to move all of your HL SIPP into drawdown, and you want any existing Direct Debit or contributions paid by your employer into your SIPP to stop, please cancel these before you apply. If you do not, your SIPP will remain open alongside your drawdown account so payments can continue.
- Pension transfers - if you have any pension transfers in progress, we will need to wait for these to complete before we can move you into drawdown.
- Charges - there's no charge just to move into drawdown (outside of our usual dealing charges where applicable).
- Investments - everything stays invested when we move your SIPP into drawdown. If you change your investments during this process, it will delay your application.
Once you've applied
- We'll process your application, usually within 5-10 working days
- We'll move your holdings into your drawdown account first
- We'll pay your tax-free cash after this
Changing your mind
If this is your first drawdown application with HL, you have 30 days after your money enters your drawdown account to change your mind.
If you want to cancel your application, please send a secure message or write to us at: Hargreaves Lansdown, One College Square South, Anchor Road, Bristol, BS1 5HL