FAQs
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"Can I get my money back (that I’ve paid in)?"
After your one month opt-out period you won’t be able to access your funds until your normal minimum pension age unless on the grounds of serious ill health (life expectancy is less than 12 months).
"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.
"Can I take all my pension money as a lump sum, and what tax would I pay?"
Yes, usually from age 55, you can take your whole pension and use it in any way you want. However, there could be large tax implications and therefore it may be more tax efficient to take the money in stages, leaving the rest invested.
"I'm over 55. Can I take a lump sum from my pension savings to give to my children now?"
Yes – you can do this, but we recommend that you seek financial advice about any inheritance tax implications.
"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 does ‘projected pension retirement value’ mean?"
Pensions are long-term savings and your projected pension retirement value depends on factors such as annual contributions, inflation and how and when you access your pension savings.
"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.
"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.