Taking savings from your self-invested personal pension (SIPP)

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'.

Error: ##?## fields need completing before continuing

 

Before you begin this process, please ensure your contact details are up to date through Online Banking including your telephone number.  ​

​This is required for security reasons, as we’ll send you a One Time Password to your registered telephone number so you can access the form we require you to complete.
 


Taking money from your pension is an important decision. Pension Wise provides free, impartial pension guidance that will help you understand your overall financial situation. ​

During a Pension Wise appointment, an independent pension specialist will​: 

  • explain your pension options;​
  • explain how each option is taxed; and​
  • tell you what your next steps are.​

If you’d like us to set up an appointment with Pension Wise before you begin this process, please call us on 0345 835 5391 (Halifax) / 0345 835 5357 (Bank of Scotland) / 0345 835 5392 (Lloyds Bank)​ / 0330 678 0066 (Scottish Widows).

If you have a pension wise appointment booked please wait until your appointment has taken place before submitting the form on the next page.



Please don’t complete this form if you are seriously ill and intend to draw down benefits under ‘ill health early retirement’ rules – give us a call​

​If you’re suffering from serious ill health you may be able to take your pension as a full lump sum, tax free. Serious ill health means you receive a terminal diagnosis of 12 months or less.​

​If this applies to you, please call us on 0345 835 5391 (Halifax) / 0345 835 5357 (Bank of Scotland) / 0345 835 5392 (Lloyds Bank)​  / 0330 678 0066 (Scottish Widows) and we’ll take you through your pension options. We’re available Monday to Friday, 9am-5pm.​
 


Please note; 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, or as a taxable lump sum (Uncrystallised Fund Pension Lump Sum)

Choose this option if either;

  • you want to take your tax-free cash now and move your remaining pension fund into drawdown and take a flexible income from it, either now or later, or
  • you want to take a lump sum from your pension where usually 25% is tax free and the remaining 75% is taxed at your marginal rate.

Already in Drawdown - take some 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##

Edit details
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