Access Keys




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

Scottish Widows

Retirement Account (Retirement Planning)

£5,000

Stakeholder Pension Plans

 

 

 

Scottish Widows

Stakeholder Pension Plan

£5,000

 

Scottish Widows

Stakeholder Pension Plan (Advised Top Ups)

£5,000

 

Clerical Medical

Individual Stakeholder Plan

£5,000

 

Halifax

Stakeholder Pension Plan

£5,000

 

BoSIS

Stakeholder Pension Plan

£5,000

Personal Pensions

 

 

 

Scottish Widows

Personal Pension Plan

£5,000

 

Scottish Widows

Personal Pension (Top Up Plan)

£5,000

 

Scottish Widows

Pensions Solution Contract

£5,000

 

Clerical Medical

Personal Pension Account (Series 1 & 2)

£5,000

 

Clerical Medical

Personal Pension Plan (Series 3)

£5,000

 

Clerical Medical

FutureProof Individual Pension Plan

£5,000

 

BoSIS

Personal Pension Plan

£5,000

 

Halifax

Personal Pension Plan

£5,000

 

Leeds Life

Personal Pension Plan

£5,000

Free-Standing AVC Plans

 

 

 

Scottish Widows

Free-Standing AVC Plan

£5,000

 

Clerical Medical

Retirement Enhancer Account (Series 1 & 2)

£5,000

 

Clerical Medical

Free-Standing AVC Plan (Series 3)

£5,000

 

Clerical Medical

FutureProof Free-Standing AVC Plan

£5,000

 

Halifax

Top Up Pension Plan

£5,000

 

Leeds Life

Additional Pension Plan

£5,000

Section 32 Buy-Out Plans

 

 

 

Scottish Widows

Individual Buy-Out Plan

£5,000

 

Clerical Medical

Pension Transfer Account (Series 1 & 2)

£5,000

 

Clerical Medical

Section 32 Buy-Out Plan (Series 3)

£5,000

 

Clerical Medical

FutureProof Individual Buy-Out Plan

£5,000

Executive Pension Plans

 

 

 

Scottish Widows

Executive Pension Plan

£5,000

 

Clerical Medical

Corporate Pension Account  (Series 1 & 2)

£5,000

 

Clerical Medical

Executive Pension Plan (Series 3)

£5,000

 

Clerical Medical

FutureProof Executive Pension Plan

£5,000

 

BoSIS

BoSIS Individual Pension Plan

£5,000

Small Self-Administered Schemes

 

 

 

Scottish Widows

Small Self-Administered Scheme

£5,000

 

Clerical Medical

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

£5,000

 

Clerical Medical

Small Self-Administered Scheme (Series 3)

£5,000

 

Clerical Medical

FutureProof Small Self-Administered Scheme

£5,000

 

Clerical Medical

Assigned CPA and EPP policies

£5,000

s226 Schemes

 

 

 

Clerical Medical

Personal Pension Account

£5,000

 

Clerical Medical

Flexible Retirement Plan

£5,000