Get started with Regular withdrawals

Charles Kelton

by , Product Copywriter

at PensionBee

16 Oct 2023 /  

Smiling older woman using a mobile phone

We’re always looking for ways to help our customers manage their pensions more easily. Recently, we launched Regular withdrawals, a new way for those over 55 to more conveniently withdraw from their pensions online or through the PensionBee app. Currently, this feature is only available to a select number of customers, but if you’re over 55 and would like to start using our newest method, let us know by emailing [email protected] and we’ll be happy to make it available to you. However, we’re looking forward to opening the feature up to all customers eligible to withdraw from their pensions soon.

How does a Regular withdrawal work?

Our new feature enables you to take a regular income from your PensionBee pension by setting up automatic monthly payments directly to your bank account. It saves going through a manual process every time you want to draw down from your pension. Simply, choose how much you’d like to take from your pension and select a payment date from the available options. Your money should then arrive in your bank account on your chosen date each month. A weekend or bank holiday may impact the processing time of your payment. So, the date your payment arrives in your bank account could vary slightly from your chosen date in these instances.

We know that many customers will appreciate the ‘set and forget’ approach of a Regular withdrawal, however, there’s also a lump sum withdrawal option so you can always take money from your pension as and when you need.

How to set up a Regular withdrawal

Start by logging into your PensionBee account through the PensionBee app or online.

When using the PensionBee app:

Tap the ‘Funds’ tab and select ‘Withdraw money from your pension’ then select ‘Set up Regular withdrawals’.

When logging in online:

Click the ‘Withdrawals’ tab and select ‘Regular withdrawals’.

Then follow the below steps:

  1. Read the information about how the withdrawal process works and confirm you understand before proceeding.
  2. We’ll ask you some important questions to ensure you understand whether withdrawing from your pension is the right decision for you. These include:

    • getting free impartial guidance about what to do with your pension savings, including the options available to you; and
    • confirming you understand the implications of your financial decisions.
  3. Select the bank account you’d like your withdrawal sent to or add a new account. (If you add a new bank account or if this is your first time making a withdrawal we’ll need to verify the details provided. Once completed, you’ll be able to come back to finish setting up.)
  4. Choose how much you want to withdraw and your preferred payment date from the options.
  5. Review the details of your withdrawal request before confirming you want to proceed.

It’s worth noting that you can’t use both of our withdrawal methods at the same time. If you already have an active lump sum withdrawal you’ll need to wait for it to clear before setting up a Regular withdrawal but we’ll let you know if you do have one pending. Similarly, if you want to take out a lump sum you’ll need to cancel a Regular withdrawal first.

If you’d like to change your withdrawal amount or date, simply cancel an existing Regular withdrawal and set up a new one.

Take control of your retirement

Our company mission is to make pensions simple so that everyone can look forward to a happy retirement. For many customers, receiving regular automatic payments from their pension will mean one less thing to think about. It provides greater flexibility over how you’d like to take your pension and could help you manage your finances in retirement more effectively.

Let us know what you think

We hope you’ll find our new feature easy to use but we’re keen to learn about any ways you think we could improve it, or any other features you use to enhance your PensionBee experience. You can let us know what you think by emailing [email protected].

Risk warning

As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.

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