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Request an illustration

If you are considering taking a lump sum withdrawal from your pension, requesting your free, personalised UFPLS illustration is the first step.

It will show you the potential effects of your chosen withdrawal on your remaining pension fund value, including:

  • What your fund value could potentially be in future years, based on assumed investment growth rates
  • The expected effect of charges on your fund value over time

Once you request your illustration there is no obligation to proceed. We will also send you our guide to taking lump sums from the Vantage SIPP, explaining the benefits and risks, and we will outline the next steps should you want to proceed.

Important information: What you do with your pension is an important decision that you may not be able to change. You should check you're making the right decision for your circumstances and that you understand your options and the risks. Taking a lump sum is a higher risk option than an annuity. The government's free and impartial Pension Wise service can help you and we can offer you advice. The information on our website is not personal advice.

Pension details

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How much you take as a lump sum is entirely down to you. There is no requirement to take all of your pension in one go. Deciding how much you withdraw is an important consideration. It will affect the amount of tax you pay. Keeping the fund invested creates the potential for growth but taking lump sums out will reduce what is left to provide income in future, particularly if your investments perform badly or you take too much out.

Your illustration will assume you are eligible to receive 25% of your withdrawal as tax-free cash. Further details on eligibility can be found in our guide to taking lump sums from the Vantage SIPP.

Investment options

If you know where you'd like to invest your remaining pension, please select your investments below, and your illustration will be based on these investments. If you're unsure, or would rather not invest your pension straight away, please select 'hold as cash'. Please note, the investments you choose below are for your illustration only. They are not an investment instruction.

Investments Amount

Risk questions

Before we can send you an UFPLS application form, we need to check you understand the risks by asking you some questions. There are 14 questions which should take around five minutes to complete. These should be completed by the account holder.

If you complete these now, we’ll send you an UFPLS application form with your illustration. So you’ll be able to apply right away if you want to.

If you are unsure about any of the risks you should seek guidance or advice before proceeding. We can send your illustration in the post with the risk questions for you to complete later.

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 have not received Pension Wise guidance or personal advice, we strongly suggest you do this before proceeding as this is an important and sometimes irreversible decision. Please only complete the following risk questions if you are happy to continue at this time.

Section B: Risk questions for UFPLS

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 poor 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), where you invest, how these investments perform 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, there are no guarantees with this option. 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 will depend on your circumstances, and 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 other pension 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. Additional charges could also apply depending on the investments you choose. 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 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 August 1997 and August 2017, inflation saw the costs of goods and services rise by 73%. This means an equivalent range of goods and services costing £1,000 in August 1997 would typically have increased to £1,730. 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 any money you invest, with no compensation available. Once money is drawn from a pension, you should be careful where you re-invest it. Unfortunately investment scams exist and tend to be carried out by firms which aren’t regulated by the 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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This literature is for UK investors only. We are not authorised to send our literature to areas outside the jurisdiction of UK regulation and will be unable to send this literature to any address in the Channel Islands or outside the UK.

Important information: What you do with your pension is an important decision that you may not be able to change. You should check you're making the right decision for your circumstances and that you understand your options and the risks. Taking a lump sum is a higher risk option than an annuity. The government's free and impartial Pension Wise service can help you and we can offer you advice. The information on our website is not personal advice.