Enter the lump sum you want to withdraw:
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
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?
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
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?
Yes, next question
No, end risk questions
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
address in the Channel Islands or outside the UK.
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