Moving funds into flexi-access drawdown
You can now move your pension into drawdown using our simple online form.
- The process should take around 30 minutes, but will save you a lot of time in the long run.
- It usually takes no more than 10 working days after this to set up your benefits.
- If you prefer, you can still fill in a paper application form and send it to us. Please note this can take a minimum of 4 weeks for us to process.
From the 'SIPP' menu in your online account, select 'Taking benefits' (under the Benefits heading).
If you haven't done so already, you will need to add a bank account before you can continue.
Then select 'start taking / amend your existing benefits'.
You will then see a summary of your available pension funds. Scroll to the bottom of the page and click ‘Take pension benefits’.
Here, select your uncrystallised fund (this simply means funds you haven't moved into drawdown yet).
Take time to read the six documents under ‘Taking your pension benefits’.
Doing this will allow you to proceed to the next step.
Tick to confirm you have read the documents, and select ‘Crystallise funds into drawdown’.
Here you can choose the amount you want to crystallise (move into drawdown), or select ‘full fund amount’.
Next, enter how much of your pension you would like to take as a tax-free lump sum (up to 25%). Enter ‘0’ if you don’t want to take a lump sum.
Then select whether you’d like to take a regular income (which will be treated as taxable income).
If you are taking a regular income, you can select the frequency and amount you would like to take.
You also have the option to take a one-off taxable amount.
Now click ‘Continue’.
Here you will be asked how you want to invest your SIPP fund in future.
If you don't want to choose your own investment strategy, you can use an investment pathway.
These are investment funds selected by our experts to match four common goals that people have when moving funds into drawdown.
On this screen, confirm whether you have any form of Lifetime Allowance protection.
We will then ask you to review your illustration of benefits.
Click 'view key feature illustration' to see a breakdown of your drawdown arrangements.
You will then be asked to complete a pension benefits questionnaire. Your answers will flag the important risks you should consider before taking benefits.
Check your benefit request summary and make sure it is accurate.
Once you have read through the declaration, click ‘Submit this benefit request’.
- It usually takes no more than 10 working days to set up your benefits.
- If you have any LTA protection, we will need a copy of any protection certificates before we can set up your benefits.
Please send us a secure message from your online account and attach the document(s).
Or you can post the documents to: Pensions Team, Interactive Investor, Exchange Court, Duncombe Street, Leeds LS1 4AX.