Pension withdrawal

Access your pension online with ease, from the age of 55 (57 from 2028).

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When the time comes to start withdrawing your pension it should be simple and stress-free

With PensionBee, you have two options. You can take your pension flexibly online via one-off or Regular withdrawals through pension drawdown. Or, you can purchase a pension annuity through our partner, Legal & General.

Drawdown

You can take up to 25% of your pension pot tax-free, either as a lump sum or in portions. The rest of the money remains invested to withdraw when you decide. Take one-off withdrawals when you need or opt for Regular withdrawals and get automatic payments of the same amount paid into your bank account on the same day every month.

Pension drawdown

Annuity

You use part - or all - of your pension pot to buy a guaranteed regular income. The amount you get depends on the annuity rate, which is calculated by looking at things like your age, health and current interest rates.

Pension annuity

You can use both pension drawdown and annuities together

You could use part of your pension to purchase an annuity and leave the rest invested to draw down from as and when you choose. This way you combine the predictability of an annuity with the flexibility of drawdown.

How to access my retirement money

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Flexible withdrawals to suit your goals

Skip the manual work with automatic monthly withdrawals

If you prefer a more hands-off approach, set up automatic monthly payments. Choose the amount and the date, and your money will land in your bank account each month without repeated steps.

Flexible withdrawals to suit your goals

Skip the manual work with automatic monthly withdrawals

If you prefer a more hands-off approach, set up automatic monthly payments. Choose the amount and the date, and your money will land in your bank account each month without repeated steps.

Tools to help you plan your retirement

We understand that choosing how and when you take your pension is a big decision. That’s why we’ve created articles, information hubs and video explainers and a Drawdown Calculator to help you shape the retirement you want.