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Flexibly accessing your pension savings

Our Defaqto 5 Star rated income drawdown facility - we call it Income Release - lets you enjoy flexible access to your pension savings and it's available by talking to a financial adviser. 

How Income Release works  

Benefits of Income Release

Fast payment

We’ll typically pay tax-free cash into your bank account within 5 working days of receiving all the required information.

Flexible pension saving

Continue to save into your plan after taking any tax-free cash and/or income.

Money for loved ones

Leave your pensions savings to your loved ones when you die.

Defaqto 5 Star rated

We offer one of the highest quality income drawdown solutions in the market.

Share in our success

As a mutual, we think our customers should share in our success. So when we do well, we’ll aim to boost your pension savings by adding a share of our profits to your plan each year.

We call this your ProfitShare.

Learn more about ProfitShare  

Working with advisers

We choose to distribute our personal pension products through financial advisers.

The world of pensions can be a complex place. And we think quality impartial advice is the best way of making sure you find the right products to suit your needs.

Advisers may charge for their services – though they should agree any fees with you upfront.

The value of financial advice  

How Income Release works

With Income Release, you’re in control. You decide how and when you want to take your tax-free cash (usually 25%) and income.

Once you’ve decided how much tax-free cash and income you’d like to take, we’ll split your pension savings into two separate accounts: an Income Release Account and a Savings Account.

 

Income Release Account

This part of your plan pays out the tax-free cash and any regular income payments you've selected.

With flexible access, your income isn't guaranteed to last forever. So if you take out too much money, live longer than expected or if your investments don't perform as well as you'd hoped, you could run out of money before you die.

Savings Account

Any pension savings you don’t use to provide tax-free cash and income will stay in your Savings Account.

You can continue to save for your future by making contributions into your Savings Account. Of course, while your pension savings could grow, their value can also go down. This means you could get back less than you started with.

Next steps

If you think that Income Release could be right for you, the next step is to speak to an independent financial adviser. They can give you personalised advice and recommendations to match your individual needs and circumstances.

Find a financial adviser   The value of financial advice