Personal Pensions

PENSION ENCASHMENTS

Pension encashments allow you to take part or the full value of your pension pot as a cash lump sum withdrawal.  25% of each encashment will be tax free and the remainder taxable at your marginal tax rate. This is also known as an Uncrystallised Funds Pension Lump Sum (UFPLS). 

If you are over 55 and invested in one of the pension products below, your options with us include taking one or more pension encashments. Please see the table below for the minimum amount you can take in each partial encashment.

If you are invested in a product which is not included in the list below and you want to take partial pension encashments you will need to transfer to a Scottish Widows Retirement Account or to another pension provider that will allow this. Please note - if you transfer to another plan you could lose any guaranteed benefits you currently have and may not be able to return to it if you change your mind.

Partial encashments are only available from age 55 onwards. If you have a protected retirement age which allows you to take your benefits before age 55, you will have to take all of your benefits at the same time.

Please contact us for further details.

Please bear in mind

You should always consider taking financial advice before making any decisions about how and when to take your benefits. Your adviser may charge a fee for this advice.

Taking pension encashments will reduce the value of your plan. You could lose any guaranteed benefits you currently have. It may leave you with insufficient funds when you are older. High levels of pension encashments may not be sustainable and could reduce the value of your plan to zero.

Pensions are a long-term investment. The retirement benefits you receive from your pension plan will depend on a number of factors including the value of your plan when you decide to take your benefits which isn't guaranteed, and can go down as well as up. The value of your plan could fall below the amount(s) paid in.

The value of the tax benefits of a pension plan depend on your individual circumstances. Tax rules and your circumstances may change in the future.

Brand

Products

Minimum Partial Pension Encashment

Brand

Scottish Widows

Products

Retirement Account (Retirement Planning)

Minimum Partial Pension Encashment

£5,000

Stakeholder Pension Plans
 

Brand

Products

Minimum Partial Pension Encashment

Brand

Scottish Widows

Products

Stakeholder Pension Plan

Minimum Partial Pension Encashment

£5,000

Brand

Scottish Widows

Products

Stakeholder Pension Plan (Advised Top Ups)

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

Individual Stakeholder Plan

Minimum Partial Pension Encashment

£5,000

Brand

Halifax

Products

Stakeholder Pension Plan

Minimum Partial Pension Encashment

£5,000

Brand

BoSIS

Products

Stakeholder Pension Plan

Minimum Partial Pension Encashment

£5,000

Personal Pensions

Brand

Products

Minimum Partial Pension Encashment

Brand

Scottish Widows

Products

Personal Pension Plan

Minimum Partial Pension Encashment

£5,000

Brand

Scottish Widows

Products

Personal Pension (Top Up Plan)

Minimum Partial Pension Encashment

£5,000

Brand

Scottish Widows

Products

Pensions Solution Contract

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

Personal Pension Account (Series 1 & 2)

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

Personal Pension Plan (Series 3)

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

FutureProof Individual Pension Plan

Minimum Partial Pension Encashment

£5,000

Brand

BoSIS

Products

Personal Pension Plan

Minimum Partial Pension Encashment

£5,000

Brand

Halifax

Products

Personal Pension Plan

Minimum Partial Pension Encashment

£5,000

Brand

Leeds Life

Products

Personal Pension Plan

Minimum Partial Pension Encashment

£5,000

Free-Standing AVC Plans
 

Brand

Products

Minimum Partial Pension Encashment

Brand

Scottish Widows

Products

Free-Standing AVC Plan

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

Retirement Enhancer Account (Series 1 & 2)

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

Free-Standing AVC Plan (Series 3)

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

FutureProof Free-Standing AVC Plan

Minimum Partial Pension Encashment

£5,000

Brand

Halifax

Products

Top Up Pension Plan

Minimum Partial Pension Encashment

£5,000

Brand

Leeds Life

Products

Additional Pension Plan

Minimum Partial Pension Encashment

£5,000

Section 32 Buy-Out Plans

Brand

Products

Minimum Partial Pension Encashment

Brand

Scottish Widows

Products

Individual Buy-Out Plan

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

Pension Transfer Account (Series 1 & 2)

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

Section 32 Buy-Out Plan (Series 3)

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

FutureProof Individual Buy-Out Plan

Minimum Partial Pension Encashment

£5,000

Executive Pension Plans
 

Brand

Products

Minimum Partial Pension Encashment

Brand

Scottish Widows

Products

Executive Pension Plan

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

Corporate Pension Account (Series 1 & 2)

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

Executive Pension Plan (Series 3)

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

FutureProof Executive Pension Plan

Minimum Partial Pension Encashment

£5,000

Brand

BoSIS

Products

BoSIS Individual Pension Plan

Minimum Partial Pension Encashment

£5,000

Small Self-Administered Schemes
 

Brand

Products

Minimum Partial Pension Encashment

Brand

Clerical Medical

Products

Corporate Pension Account 'Plus'
(Series 1 & 2)

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

Small Self-Administered Scheme (Series 3)

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

FutureProof Small Self-Administered Scheme

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

Assigned CPA and EPP policies

Minimum Partial Pension Encashment

£5,000

s226 Schemes
 

Brand

Products

Minimum Partial Pension Encashment

Brand

Clerical Medical

Products

Personal Pension Account

Minimum Partial Pension Encashment

£5,000

Brand

Clerical Medical

Products

Flexible Retirement Plan

Minimum Partial Pension Encashment

£5,000