- 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 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 weeks.
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, then a full withdrawal of your pension will cost £400 (+ VAT).