Taking savings from your Pension

Taking savings from your SIPP

 

Thank you for submitting your details.


Next steps

Within 2 working days, we aim to send you everything you need to continue, including:

  • Your Open Market Options (OMO) statement
  • An Accessing Your Pension application form
  • Information to help you review your options before proceeding.

If we hold a valid telephone number for you, we’ll email these documents using a secure system, Adobe Sign.  You'll be asked to complete and electronically sign the Accessing Your Pension form.

​For security, we’ll send a one-time passcode to your phone number before you can access the form.
If we don't have a phone number for you, we’ll send you the form by post instead.​

​If you feel your contact details need updating, please remember to update them through Online Banking​.

If we need any additional information, we'll contact you.

Please note: delays responding to any request for information may delay the processing of your request.

Taking savings from your SIPP

 

Thank you for submitting your details.


Next steps

We’ll send you a declaration to review and sign, usually within 2 working days.

If we hold a valid telephone number for you, we’ll send this by email using a secure system, Adobe Sign. You'll be asked to complete and sign this online.

For security, we’ll send a one-time passcode to your phone before you can access this.

If we don’t have a phone number for you, we’ll send this by post instead.

If your contact details need updating, please remember to update them through online banking.

Once you’ve signed the declaration, we’ll set up your payment.

Your money will typically reach your bank account within 10 working days from the point of us receiving your confirmation.  This will depend on your payment choice and whether any investments need to be sold first.

Please complete all fields unless they are marked 'optional'.

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Before you take money from your pension

Taking money from your pension is an important decision, you can find details on your retirement options and the key considerations at Your pension options and in our retirement guide (PDF, 572KB).
 

Guidance and advice

If you are unsure, you should consider getting help before going ahead.

Pension wise (free guidance)

Pension wise provides free, impartial guidance to help you understand your options and your overall financial situation, visit moneyhelper to book an appointment or call 0330 678 0066 and we can book an appointment for you.

If you have a Pension Wise appointment booked, you must wait until after your appointment before continuing.

Financial advice

You can also get regulated advice from an independent financial adviser.

Visit unbiased.co.uk to find one. You will be charged for this service.

Shopping around

You should shop around different pension providers to find the best option for your retirement income, as providers can offer different features, investment options and charges.

Important information

1. Your current fund value

You will need to know how much your pension is worth. You can find this:

  • by logging into your online account, or app
  • on your latest benefit statement.

2. Investment choices (Flexi-Access Drawdown)

If you choose Flexi-Access Drawdown, you will need to choose how your remaining funds are invested.

You can:

  • choose an Investment pathways
  • stay in your current investments.

If you have a SIPP, you may be confident in choosing your own investments.

More details on Investment Pathways

The Financial Conduct Authority (FCA) introduced investment pathways to help make investment decisions for flexi-access drawdown easier. They are pre-set strategies that give you a simple choice from the four common ways that people choose to take their retirement savings.

  • Pathway 1 - This investment pathway is designed for people who have no plans to touch their money in the next 5 years.
  • Pathway 2 - This investment pathway is designed for people who plan to use their money to set up a guaranteed income within the next 5 years.
  • Pathway 3 - This investment pathway is designed for people who plan to start taking their money as a long-term income within the next 5 years.
  • Pathway 4 - This investment pathway is designed for people who plan to take out all their money within the next 5 years.

You can use our investment pathway tool to help you choose. You can also find out more in our retirement guide (PDF, 572KB).

Please note: if you have a SIPP you will need to trade into your chosen investment online. If you choose an investment pathway you can get the ISIN number from the retirement guide and the glossary within the accessing pensions form.

You can find details of the latest value assessment of our pathway funds at Independent Governance Committee for Investment Pathways.

3. Lump sum allowance

There is a limit on how much you can take as tax-free lump sums across all your pensions. The current Lump Sum Allowance (LSA) is £268,275 and has been in place since 6th April 2024.

If you are taking any tax-free cash, we will need to know how much of your allowance you have already used. If you have taken any tax-free cash before 6th April 2024, we will also need to know what % of your Lifetime Allowance (LTA) you used.

Your pension provider(s) should have given you this information when you took benefits. If you don’t have this, you will need to contact them. You can find out more information on LSA, LSDBA & LTA at GOV.co.uk.

4. Guaranteed income (annuity)

We don’t offer annuities for RMP & SIPP, but you can shop around to find a provider who does. Or speak with a financial adviser. 

Serious ill health

Please don’t complete this form if you are seriously ill, as you may be able to take your pension as a full lump sum, tax free. Serious ill health means you have received a terminal diagnosis of 12 months or less. If this applies to you call 0330 678 0066, and we will take you through your pension options.


As per the account terms and condition we may request extra identification or information about any transactions made on the account.
 


Click get started below to start the process of taking savings out of your pension.
 

Get started

Step 1 of 2: Confirm your details


Your details

 

This is two uppercase letters (EH, EL, EB or ES) plus 10 numbers in this format XX1234567001

How you would like to take your pension?

Take as Flexi Access Drawdown, Take Some as a Lump Sum, or Take it all at once.

Choose this option if either:

  • you want to flexibly access some or all your tax-free cash now and move your remaining pension fund into drawdown to take as an income either now or later
  • you want to take some of your pension as lump sum, where usually 25% is tax free and the remaining is taxed at your marginal rate
  • you want to take all your pension at once, where usually 25% is tax free and the remaining is taxed at your marginal rate.

Already in Drawdown - Take a one-off or set up a regular income

Choose this option if:

  • you want to take income from your existing flexi-access drawdown. This could be a one-off income payment, or you want to set up regular income payments. All income payments will be taxed at your marginal rate.

    Taking taxable income may also trigger the Money Purchase Annual Allowance (MPAA), which could reduce future pension contributions without a tax charge. To find out more about this please visit gov.co.uk.


 

Choose your option below
 

Important

  • Please don’t choose this option if you want to take any Tax-Free cash, all income taken with this option will be subject to income tax at your marginal rate. If you want to take any Tax-free cash, please select option - Take Flexi Access Drawdown or as a taxable lump sum.
  • If you want to amend an existing income payment don’t use this form. To change your income please use the changing the regular income on your pension form.
  • If you have a SIPP, you need to make sure that you have enough uninvested cash in your pension to cover any withdrawals. If there is not enough, uninvested cash, this will delay payments.



Enter the gross amount (before tax).
£
Enter the gross amount (before tax).
£
Choose a payment date between the 1st and 28th of the month. To allow time for checks and to set up your regular payments, your start date must be at least 15 days from today. We’ll choose the earliest available payment date based on this. If your selected date isn’t available in the current month, we’ll use the next available month instead. Future payments will follow this schedule. If you need money sooner, you can request a one-off payment, which we aim to set up within 48 hours.

Your bank account details

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Step 2 of 2: Review your details


Check your details

Name:
##title## ##first_name## ##surname##

SIPP account number:
##sipp_acc_number##

Retiring early due to ill health:
##retire_ill_health##

How would you like to take money from your pension?:
##how_to_take_pension##

 

How would you like to take your income?:
##how_to_take_income##


How much would you like to take as a one-off payment?:
£##one_off_payment##


How much income would you like each year?:
£##regular_payment##


How often would you like your income to be paid?:
##how_often_payment##


When would you like payments to be paid?:
##payment_date## of the month

 

 


Your bank account details

Bank name:
##bank_name##

Name of account holder:
##bank_acc_holder_name##

Bank account number:
##bank_account_number##

Sort code:
##sort_code-first##-##sort_code-second##-##sort_code-third##

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