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Request your UFPLS illustration and application pack

What will your illustration show?

  • The potential effects of your chosen withdrawal on your remaining pension
  • What your remaining pension value could potentially be in future years, based on assumed investment growth rates
  • The expected effect of charges on the value of your pension

We’ll also send you our guide to taking lump sums to help you understand the risks and benefits, and compare other options.

Get started and enter your details below.

Your illustration is designed to help you understand how lump sums work. The figures are estimates only, based on assumptions which are explained in the illustration. What actually happens will depend the size of your withdrawals and how your investments perform. Income isn’t guaranteed.

Usually you have to be at least 55 to access your pension (rising to 57 from 2028). If you’re younger we can still help you prepare for retirement, but you won’t normally be able to request an illustration or application.

Your illustration - pension details

£
£

You can withdraw as much or as little as you like, but remember only up to 25% of the withdrawal will be tax free. The rest will be taxed as income. Taking large withdrawals could affect your tax status, and taking too much too soon could leave you short of income later on. Tax rules can change and any benefits will depend on your circumstances.

Your illustration will assume you’re eligible to receive 25% of your lump sum withdrawal tax free. Further details on eligibility can be found in our guide to taking lump sums, which you’ll receive alongside your illustration.

Your illustration – investment options for your remaining pension

If you’re not planning to withdraw your entire pension in one go, and you know where you'd like to invest what’s left over, please select your investments below (your illustration will be based on these investments, but they will not be taken as investment instructions). If you're unsure, or would rather not invest your pension straight away, please select 'I plan to hold everything as cash'.

If you plan to withdraw your entire pension in less than five years, holding everything as cash might be a sensible option. You won’t suffer from any market falls and it’s unlikely inflation will have enough time to significantly affect the buying power of your cash. But if you need your pension to last longer, you might choose to invest your money in the hope of greater returns. You don’t have to invest, but remember when the interest rates you receive are lower than inflation, the buying power of cash in your pension will fall over time.

My investment choices Amount

Your application - risk questions

Before we can send you a lump sum (UFPLS) application form, we need to check you understand the risks by asking you some questions. If you complete these now, we’ll send your application along with your illustration. Even if you don't want to apply right now, it's a good idea to run through these risks to help you decide if withdrawing a lump sum could be right for you.

There are 14 questions, which should take around five minutes to answer, that must be completed by the account holder. If you’re unsure about any of the risks you should seek guidance or advice.

If you’d rather skip these questions for now, we’ll send them to you in the post along with your illustration. You can then complete them at a later date.

Would you like to answer risk questions now?

Section A: understanding your options

Question 1

Have you received guidance from Pension Wise?

Question 2

Have you received personal advice from a regulated financial adviser?

What you do with your pension is an important decision. If you haven’t received Pension Wise guidance or personal advice, we strongly suggest you do this before proceeding.

Section B: your circumstances

Question 3

Are you happy to take responsibility for your retirement income, including where you invest, and will you review these regularly?

IMPORTANT: Choosing to keep your pension invested and to take lump sums means you need to take responsibility for your income and investment decisions, and you’ll need to review these regularly. Nobody other than you will be accountable for any decisions you make. How much income you get, and how long your pension lasts, will depend on how much you withdraw (particularly in the early years), the returns you achieve and how long you live. You’re choosing to proceed without personal financial advice from Hargreaves Lansdown so you must be confident (and comfortable) making these decisions yourself. If you’re still unsure don’t continue. Seek personal advice or guidance.

With this in mind, are you happy to continue?

Question 4

Do you understand you’re reducing your future pension income by taking a lump sum out?

IMPORTANT: By taking single, or multiple, lump sums out of your pension you’re reducing the amount of retirement income available to you in future. If you withdraw more than the growth provided by your pension investments, withdrawals won’t be sustainable. Drawing too much income too early could mean you run out of money in retirement, leaving you reliant on the State. Unlike an annuity, which provides a secure income for life, your income isn’t guaranteed with this option. The value of your pension and income aren’t secure. If you’re still unsure don’t continue. Seek personal advice or guidance.

With this in mind, are you happy to continue?

Question 5

Are you aware a lump sum withdrawal can’t be reversed once paid, if you change your mind?

IMPORTANT: You won’t be able to reverse this option if you change your mind. Once you’ve taken a lump sum from a pension, it can’t be put back, unless as a brand new contribution (restrictions can apply). If you’re still unsure don’t continue. Seek personal advice or guidance.

With this in mind, are you happy to continue?

Question 6

Do you understand the tax treatment of taking a lump sum?

IMPORTANT: You could pay more tax than you intend to, or more (or less) than you owe. Pension providers will deduct tax, where applicable, before lump sum withdrawals are paid out. This income is added to any other income you’ve received in that tax year. So taking large withdrawals could mean you’re pushed into a higher tax bracket. For investors taking a lump sum for the first time, it’s likely emergency tax will be deducted. If you pay too much tax you’ll be able to reclaim this from HMRC directly. The tax you pay and any benefits you receive will depend on your circumstances. Tax rules can change in the future. If you’re still unsure don’t continue. Seek personal advice or guidance.

With this in mind, are you happy to continue?

Question 7

Have you shopped around to compare your retirement options and the services available from different providers?

IMPORTANT: You could find yourself choosing an option which isn’t right for you. Shopping around allows you to compare the different options, including the benefits and risks, and services of different providers. For example taking lump sums can provide a flexible income but this isn’t secure. Other options, such as annuities, can offer a secure income for life, but they aren’t flexible. Understanding the different options and how these work will help you choose the option that’s right for your circumstances. If you’re still unsure, don’t continue. Seek personal advice or guidance.

With this in mind, are you happy to continue?

Question 8

Have you considered how charges may affect your pension plan or any other options you have considered?

IMPORTANT: Charges will reduce your retirement income and/or investments. Most investments carry charges, and the money you ultimately receive depends on the investment returns, less any charges. So it’s important you consider the charges of your pension plan as well as those of any of the other options you’re considering. The charges for the HL SIPP are shown in the Terms and Conditions. The investments you choose may have their own charges in addition to our account charges. If you’re still unsure don’t continue. Seek personal advice or guidance.

With this in mind, are you happy to continue?

Question 9

If you intend to make further contributions to your money-purchase pensions (including your SIPP), will they total less than £4,000 each tax year?

IMPORTANT: If you’re still paying into pensions, flexibly accessing pension benefits (which includes taking lump sum withdrawals) could restrict how much you can pay in without incurring a tax charge. Future contributions to money purchase pensions, such as SIPPs and other personal pensions, will be restricted to a maximum allowance of £4,000 each tax year. This is known as the Money Purchase Annual Allowance (MPAA). This allowance figure includes any employer contributions and tax relief received or due on the contributions made. Contributions over this limit will be subject to a tax charge. If you’re still unsure don’t continue. Seek personal advice or guidance.

With this in mind, are you happy to continue?

Question 10

Have you checked you’re not giving up valuable benefits or guarantees, or will need to pay high exit penalties by transferring your pension?

IMPORTANT: You could lose valuable guarantees or allowances (like a higher tax-free cash entitlement – over 25%) which you can’t get back. You could also trigger high exit fees. Before you do anything, you should check all these details with your current pension provider. If you have guarantees we suggest you seek personal advice before applying to transfer. If you’re still unsure don’t continue. Seek personal advice or guidance.

With this in mind, are you happy to continue?

Question 11

Have you considered the effects of inflation (i.e. rising prices) on your plans?

IMPORTANT: Retirement might last 30 years or more. Inflation will affect the value of your income in real terms. You may find yourself running short of money, even if the amount of income you take stays the same. Prices rise over time. For example, between April 1999 and April 2019, inflation saw the costs of goods and services rise by 75.8%. This means an equivalent range of goods and services costing £1,000 twenty years ago would typically have increased to £1,758. If you’re still unsure don’t continue. Seek personal advice or guidance.

With this in mind, are you happy to continue?

Question 12

Do you understand how taking your pension could affect any means-tested State benefits you receive?

IMPORTANT: Withdrawing money from your pension may reduce any means-tested benefits you receive. You can find more details about means-tested benefits at gov.uk/benefits-calculators. If you’re still unsure don’t continue. Seek personal advice or guidance.

With this in mind, are you happy to continue?

Question 13

Do you understand the implications of taking money from your pension where you have debt (e.g. loans, mortgages and credit cards)?

IMPORTANT: Any money held in a pension may be protected from your creditors if you’re in debt and they take action against you. But once you take it out any protection could be lost. If you get into serious financial trouble, you should take extra care before withdrawing money from your pension. If you’re still unsure don’t continue. Seek personal advice or guidance.

With this in mind, are you happy to continue?

Question 14

Are you aware that investment scams exist which target people who’ve withdrawn, or plan to withdraw, money from their pension?

IMPORTANT: If you fall victim to these scams you could lose most or all of your money, with no compensation available. Unfortunately investment scams exist and tend to be carried out by firms which aren’t regulated by the Financial Conduct Authority (FCA). Warning signs of a scam often include cold calling or texting, pressure to act quickly, the promise of unique or unusual opportunities, the offer of quick and easy profits, or something that seems too good to be true. You can find out more at fca.org.uk/scamsmart. If you’re still unsure don’t continue. Seek personal advice or guidance.

With this in mind, are you happy to continue?

Personal details


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