Drawdown

A simple, stress-free way to take cash from your pension

Drawdown allowance

Drawdown
allowance

  • Tax-free allowance: 25%
  • Taxable income: 75%

Start financing your retirement from 55

From the age of 55 you can start making pension withdrawals, and you can take up to 25% totally tax-free. Anything over this will incur a tax charge, but our handy calculator inside the BeeHive will tell you how much this could be.

Make withdrawals Make withdrawals

Make withdrawals in a few simple steps

Our drawdown option gets activated as soon as you hit your 55th birthday. From then on it’s just a case of visiting your BeeHive and answering some simple questions. Paying out your money typically takes around two to three weeks.

Access your savings

Access your savings in one place

PensionBee combines all your old pensions into one online plan. This makes withdrawals much simpler, as all your money is together. Plus you get personal customer support from your dedicated BeeKeeper.

A fair fee

Put more money in your pocket

Unlike other providers we won’t charge you excessive fees. There's no drawdown costs unless you transfer to us and take your whole pot within 12 months.*

*If your pot has been with PensionBee for less than a year and you wish to withdraw it in full, then a full withdrawal fee of £480 applies. This fee will also be charged should the value of your account be less than the £480 fee at the point of withdrawal.

Combine your old pensions into one online plan, and draw down with Britain's most loved provider

Get started