"Are there any restrictions on taking a tax-free lump sum with us?"

Find out more about taking your tax-free lump sum with People’s Pension.

There are a few things you need to consider when taking a flexible lump sum with People’s Pension.

When you use your pension savings for flexi-access drawdown with us:

You can take your tax-free lump sum (normally up to 25% of your pension) in small chunks or in one go.
Under HMRC rules, for every £1 you take as a tax-free lump sum, £3 will move to a flexi-access drawdown account that we’ll set up for you.
Before you start you need to have a minimum of £10,000 (or £2,000 if you’ve already taken money from your pension with us).
Once the money is in your flexi-access drawdown account, you can choose to take lump sum withdrawals or set up a regular income. For a lump sum withdrawal, you must take at least £200 each time. For a regular income, you need to have £1,500 to first set this up and then you must take at least £50 per month.
You can take one withdrawal a tax month either as a lump sum withdrawal or regular income. For example, from 6 May to 5 June – we won’t charge you for making withdrawals.
If you’re invested in multiple funds, every time you make a withdrawal, we’ll reduce your holding in each fund proportionately.

When you use your savings for a lump sum (through uncrystallised funds pension lump sums or UFPLS) with us:

You need to have a minimum of £10,000 when you take your first lump sum (or £2,000 if you’ve already taken money before).
Each lump sum you take must be a minimum of £2,000 (or the rest of your savings in your pension if lower).
You can only take one lump sum a tax month, for example from 6 May to 5 June – we don’t charge you for taking lump sums.
If you’re invested in multiple funds, every time you take a payment, we’ll reduce your holding in each fund proportionately.