FAQs
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"How much will I get when I retire?"
It’s possible to get an estimate of how much you’ll get from a workplace pension. You may hear this referred to as a ‘pension projection’.
"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.
"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.
"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).