There is also a Fund Management Charge which differs from fund to fund. We have a service charge of 0.25% of the value of your Pension per year. There are charges for managing your account and charges applied to the investments you hold. Because your income isn’t guaranteed, if your investment returns do not meet your expectations, if you live longer than expected or if you take too much money out too quickly then you could run out of money. You should regularly review the amount you are withdrawing. Further details on the potential risks can be found in the Key Features Document. It’s also important to note the value of your pension pot can go down as well as up. The value of your pension pot isn’t guaranteed and will depend on several things such as how much you pay in and when you choose to take your money. The value of your pension pot is not guaranteed This plan could affect your entitlement to any means tested state benefits. The amount of tax you pay on income from the plan will depend on your circumstances, and may change in the future. Please contact us for more information and details on how to get a quote.Īfter you've taken your tax-free cash, any income you take will be subject to income tax. If you’re a member of a Legal & General Workplace Pension, you may have the option to access drawdown in that scheme, which could be more suitable for your needs. What if I'm a member of a Legal & General Workplace Pension? If you don’t need a guaranteed income and want to have the flexibility to dip into your pension when it suits you, this product may be right for you. If you're happy to choose one of four objectives which will be linked to an investment solution, this option may be right for you. You can only apply for pension drawdown online, we’re unable to process applications over the phone. I’m happy to apply for pension drawdown online We can only accept transfers of your full pension pot. We can't accept pensions that are already in drawdown so you must not have accessed the tax-free cash from your pension yet. You must be aged 55 or over and have a Defined Contribution pension. Available if you're 50 or over, you should consider having a free Pension Wise appointment, before you decide how to access your pension. The tax you pay depends on your individual circumstances and may change in the future.Pension Wise is a government service from MoneyHelper that offers free impartial pension guidance. The example shows the gross income before any tax is deducted. This will show how your plan is doing and when it's likely to run out. Once you set up your drawdown account, we'll send you a personalised illustration in your annual statement. The real rate of inflation could be lower or higher than this Inflation reduces the value of your savings. This gives an indication of what the future value of your pot would be worth today.
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