Managing your retirement savings should be straightforward. That’s why we’ve improved the way you can withdraw money from your PensionBee pension with our new Regular withdrawals feature.
What are Regular withdrawals?
Our new Regular withdrawals feature is available if you’re aged 55 or over and can be found when you log into your online account (your ‘BeeHive’) via our website (coming to our app soon). Here’s what the new feature means for you.
More flexibility - choose how you take your pension savings, whether that’s a single payment as and when it suits you or the predictability of an automatic monthly payment. If you change your mind, you can change your payment method.
Automated withdrawals - already make repeat one-off withdrawals each month? Skip the manual work with a ‘set it and forget it’ approach to regular monthly withdrawals. That’s one less job to do every month.
Simplified retirement planning - if you’re over 50 and soon able to withdraw from your PensionBee pension (from 55, rising to 57 from 2028), regular monthly withdrawals can help you plan to take your pension more sustainably.
What are my withdrawal options with PensionBee?
From age 55 (rising to 57 from 2028), you’ll have two ways to draw down from your PensionBee pension.
- Regular withdrawals - set up automatic payments that arrive in your account on the same day each month to create a steady income.
- One-off withdrawals - take one-off payments each time you need to.
You can also take your pension as an annuity, offering a guaranteed lifelong income if preferred.
Why we’re introducing Regular withdrawals
Whilst we’ve long offered one-off pension drawdown and a pension annuity, Regular withdrawals combine some of the key advantages of both options. It continues to offer the flexibility of drawdown, so you can always change how much and when you take your pension and leave the rest invested, whilst affording the monthly predictability of an annuity, removing the need to remind yourself to make another withdrawal when the next month rolls around.
It’s all part of our core values, like innovation and simplicity and ultimately our mission to build pension confidence. By increasing your withdrawal options and flexibility, managing how and when you take your PensionBee pension will help make your planning and adjusting for life in retirement easier. Being able to manage your withdrawals in one straightforward place is another step towards that.
Why use Regular withdrawals?
Many customers find that setting up regular payments once they’re eligible helps them:
- create a predictable monthly income to supplement their State Pension;
- manage their tax position by spreading withdrawals across the year; and
- avoid the hassle of logging in repeatedly to make one-off payments.
Explore Regular withdrawals
To set up a Regular withdrawal, log in to your PensionBee account online (your ‘BeeHive’) and click on your ‘Withdrawals’ tab, then follow the steps below:
- Read the withdrawal guidance and information about how the withdrawal process works.
- We’ll ask you some important questions to ensure you understand whether withdrawing from your pension is the right decision for you.
- 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 your withdrawal up.)
- You’ll then see two tabs. Select the ‘Monthly’ tab. Here you’ll specify how much you want to withdraw and select the date you want your payment made into your bank account each month.
- Review and confirm the details of your withdrawal request.
You can only make one-off or set up a monthly withdrawal at a time. So, if you change your mind and would like to make a one-off withdrawal instead, you’ll need to cancel your monthly withdrawal.
Watch this space, we’re bringing our Regular withdrawals feature to your PensionBee app soon too. So, you can get the same great flexible withdrawal options no matter where you manage your PensionBee pension.
Let us know what you think
We’re always looking for ways to improve your experience. If you have feedback about withdrawals or any other part of your PensionBee journey, we’d love to hear from you at [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.
