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 |
|---|---|---|
BrandScottish Widows |
ProductsRetirement Account (Retirement Planning) |
Minimum Partial Pension Encashment£5,000 |
Stakeholder Pension Plans
|
Brand |
Products |
Minimum Partial Pension Encashment |
|---|---|---|
BrandScottish Widows |
ProductsStakeholder Pension Plan |
Minimum Partial Pension Encashment£5,000 |
BrandScottish Widows |
ProductsStakeholder Pension Plan (Advised Top Ups) |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsIndividual Stakeholder Plan |
Minimum Partial Pension Encashment£5,000 |
BrandHalifax |
ProductsStakeholder Pension Plan |
Minimum Partial Pension Encashment£5,000 |
BrandBoSIS |
ProductsStakeholder Pension Plan |
Minimum Partial Pension Encashment£5,000 |
Personal Pensions
|
Brand |
Products |
Minimum Partial Pension Encashment |
|---|---|---|
BrandScottish Widows |
ProductsPersonal Pension Plan |
Minimum Partial Pension Encashment£5,000 |
BrandScottish Widows |
ProductsPersonal Pension (Top Up Plan) |
Minimum Partial Pension Encashment£5,000 |
BrandScottish Widows |
ProductsPensions Solution Contract |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsPersonal Pension Account (Series 1 & 2) |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsPersonal Pension Plan (Series 3) |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsFutureProof Individual Pension Plan |
Minimum Partial Pension Encashment£5,000 |
BrandBoSIS |
ProductsPersonal Pension Plan |
Minimum Partial Pension Encashment£5,000 |
BrandHalifax |
ProductsPersonal Pension Plan |
Minimum Partial Pension Encashment£5,000 |
BrandLeeds Life |
ProductsPersonal Pension Plan |
Minimum Partial Pension Encashment£5,000 |
Free-Standing AVC Plans
|
Brand |
Products |
Minimum Partial Pension Encashment |
|---|---|---|
BrandScottish Widows |
ProductsFree-Standing AVC Plan |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsRetirement Enhancer Account (Series 1 & 2) |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsFree-Standing AVC Plan (Series 3) |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsFutureProof Free-Standing AVC Plan |
Minimum Partial Pension Encashment£5,000 |
BrandHalifax |
ProductsTop Up Pension Plan |
Minimum Partial Pension Encashment£5,000 |
BrandLeeds Life |
ProductsAdditional Pension Plan |
Minimum Partial Pension Encashment£5,000 |
Section 32 Buy-Out Plans
|
Brand |
Products |
Minimum Partial Pension Encashment |
|---|---|---|
BrandScottish Widows |
ProductsIndividual Buy-Out Plan |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsPension Transfer Account (Series 1 & 2) |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsSection 32 Buy-Out Plan (Series 3) |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsFutureProof Individual Buy-Out Plan |
Minimum Partial Pension Encashment£5,000 |
Executive Pension Plans
|
Brand |
Products |
Minimum Partial Pension Encashment |
|---|---|---|
BrandScottish Widows |
ProductsExecutive Pension Plan |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsCorporate Pension Account (Series 1 & 2) |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsExecutive Pension Plan (Series 3) |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsFutureProof Executive Pension Plan |
Minimum Partial Pension Encashment£5,000 |
BrandBoSIS |
ProductsBoSIS Individual Pension Plan |
Minimum Partial Pension Encashment£5,000 |
Small Self-Administered Schemes
|
Brand |
Products |
Minimum Partial Pension Encashment |
|---|---|---|
BrandClerical Medical |
ProductsCorporate Pension Account 'Plus' |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsSmall Self-Administered Scheme (Series 3) |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsFutureProof Small Self-Administered Scheme |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsAssigned CPA and EPP policies |
Minimum Partial Pension Encashment£5,000 |
s226 Schemes
|
Brand |
Products |
Minimum Partial Pension Encashment |
|---|---|---|
BrandClerical Medical |
ProductsPersonal Pension Account |
Minimum Partial Pension Encashment£5,000 |
BrandClerical Medical |
ProductsFlexible Retirement Plan |
Minimum Partial Pension Encashment£5,000 |