Drawdown Terms & Declaration

I hereby request and consent to the payment of benefits as set out in this form and agree that:

  • PensionBee may disinvest sufficient units to meet requested benefit requirements;
  • The basis used for valuing investments held under my PensionBee Personal Pension for benefit crystallisation purposes will be determined by the scheme administrator, taking into account HMRC requirements. In particular, I understand that the value used for some types of investment for this purpose may be different to that shown on my valuation statements.

I declare that:

  • The information contained in this form and in particular Protection and Lifetime Allowance is, to the best of my knowledge and belief, true, complete and not misleading;
  • I am making this declaration in respect of all of the arrangements under my PensionBee Personal Pension administered by PensionBee;
  • As a consequence of payment of the pension commencement lump sum requested by this form (if any), the amount of contributions paid by me, or on my behalf, to any registered pension scheme is not, and will not be, significantly greater than it would otherwise have been;
  • I agree that I will indemnify the scheme administrator against any liability to pay any tax or other charges which arise out of the provision of false or misleading information;
  • I understand that any payment I receive (where applicable) will be subject to UK income tax (or, if I am resident overseas, may be in a future tax year, if I return to the UK);
  • I am aware that if I take a ‘qualifying payment’, I am required to notify all my other pension providers that I am subject to the Money Purchase Annual Allowance within 91 days;
  • I understand and accept that my pension is not guaranteed and that there are risks involved which mean my pension may reduce over time;
  • I agree to the payment of fees to PensionBee in relation to these retirement benefits at the rate in the published fee schedule;
  • I agree that I have not had financial advice from PensionBee;
  • I have read and understood the risk warnings;
  • I authorise PensionBee to obtain my tax code from the local tax office should this be required;
  • I am aware that if I have provided incorrect information in regards to my tax code there may be additional tax liabilities.

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