Flexi-Access Drawdown gives you the flexibility to draw income and cash lump sums from your pension savings when you need it.  This means that you may be able to access your pension savings to allow you to retire at a time that suits you.

The 4 key benefits of Flexi-Access Drawdown:

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Important Information

  • The pension payable and any tax-free cash sum will depend on investment returns achieved, annuity rates and interest rates at the time, charges and the effect of taxation and legislation, and they may be higher or lower than the existing benefits.
  • If you are not in good health at the time of a transfer and should die within the two years following the transfer, it is possible that some or all of the death benefits from this plan could be included in your estate for Inheritance tax purposes.
  • You should understand that you would lose access to the capital invested in your pension until you decide to draw the benefits. Under current HM Revenue & Customs’ practice, it is not normally possible to access the fund(s) prior to the age of 55 (expected to increase to age 57 from 2028 with further increases as the state pension age goes up).
  • Any employer contribution to your plan is dependent upon the continued solvency of your employer.
  • If your employment status changes, it is important that your retirement planning is reviewed.
  • Depending how it is taken, your pension income may also depend on interest and annuity rates at the time you retire.