What to expect
Tell us your details
You'll need a few details, such as your policy or plan number, how much is in your Royal London pension and your National Insurance Number.
We'll ask a few questions
So that you can see if taking a lump sum is right for you, we'll ask you some questions that you'll need to consider.
Explore your options
You might decide that you don't want to take your money out - and that's ok. But if it's the right decision for you, this service will allow you to request your money.
Our service will help you consider
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Tax
We’ll estimate the tax you’ll pay on the withdrawal based on the information you give us. Tax treatment depends on your individual circumstances and current tax rules could change in the future.
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Savings
We'll help you consider any other savings you might be able to use. This could help to reduce the impact a withdrawal might have on your pension.
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Drawdown
If you're only taking part of your pension, anything left will move into an Income Drawdown plan. This means you'll leave the rest of your pension invested, so you can make flexible withdrawals later on.
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Investment
Whether you’re an experienced investor or not, we’ll help you decide where your remaining money is invested. It’s important to remember that the value of investments can fall as well as rise and you could get back less than you put in.
Important information
This service doesn't provide personalised advice or recommendations. If you've already got a financial adviser, it's a good idea to speak to them first. They might already have a plan for how you'll access your pension savings when you retire.
What happens to your remaining pension pot
If you don't take all of your pension as one lump sum, we'll move the remaining money to a policy designed for flexible withdrawals. This is known as Income Drawdown. We recommend you read our Flexi-Access guide before requesting your lump sum withdrawal.
You can use this guidance service if:
- You're aged 55 or over and live in the UK
- You're the registered policy holder and haven't withdrawn money from this pension before
- Your plan doesn't have any safeguarded or protected benefits (e.g. enhanced tax free cash or guaranteed annuity rates). If you withdraw a cash lump sum, it could impact these benefits
- You don't have any serious health conditions. If you do, another withdrawal option might be for you.
Find the support you need
Find a financial adviser
We strongly recommend talking about your retirement options with a professional financial adviser.
Pension Wise
Pension Wise is a government service from MoneyHelper that offers free, impartial pensions guidance.
Get in touch
Have a question or need some support? Our customer service team are here to help.