FAQs
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"Can I take a small pot lump sum if contributions are still being paid by my employer?"
"What happens to my pension savings if I’m suffering from ill health?"
If you’re suffering from ill health you may be able to access your pension savings earlier.
"How long will it take to receive my pension money?"
Once you’ve let us know you want to take your savings by submitting the relevant forms (either online or by post), it can take up to 3 weeks before you receive your money.
"What are the differences between FAD and UFPLS?"
Both flexi-access drawdown (FAD) and uncrystallised funds pension lump sum (UFPLS) are ways of taking your pension savings a bit at a time.
"How do I claim higher rate tax relief on my contributions?"
If your pension contributions have been deducted from net pay (after tax has been deducted) and you’re a higher rate taxpayer (eg paying 40% tax), you can claim your tax back in two ways.
"I’m getting divorced. What happens to my pension savings?"
We can either set up a pension account which will belong to your ex, or the pension credit can be transferred to another provider.
"What’s a small pot lump sum and how many of them can I take?"
If you have £10,000 or less in your pension and you want to take it all in one go – you may be able to take it as a ‘small pot lump sum’.
"Can I take some or all of my 25% tax-free lump sum up front and leave the rest invested?"
If you want to take a tax-free lump sum but leave the remainder of your pension invested, you’ll need to designate your pension savings for flexi-access drawdown.
"If I’ve nominated my children and they’re under 18. When I die, how will you pay out my death benefits?"
If your beneficiaries are under the age of 18 (known as minors), the lump sum will be held in trust until they come of age (we’ll require a copy of their birth certificates).