Interactive Investor

Taking an UFPLS lump sum payment

You can now take an UFPLS lump sum from your pension 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 receive your lump sum payment.

If you prefer, you can still fill in a paper application form and send it to us. Please note this generally takes between 4 and 8 weeks for us to process. It involves downloading and completing a series of forms, then returning them to us by secure message or post. Click here for more information. 

Step-by-step

Step 1.

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'.

Step 2.

You will then see a summary of your available pension funds. Scroll to the bottom of the page and click ‘Take pension benefits’.

Step 3.

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.

Step 4.

Tick to confirm you have read the documents and select ‘Take a one-off lump sum payment’.

Step 5.

Choose the amount you want to take as an UFPLS lump sum. Select ‘All of my uncrystallised fund’ or enter the amount you wish to take.

Step 6.

Taking a lump sum payment will count towards your lifetime allowance. Please select whether you have taken any benefits (withdrawn money) from a pension on or after 6 April 2006 under Lifetime Allowance used to date

Then select whether you took any benefits from a pension before 6 April 2006

Step 7.

Then confirm whether you have any form of Lifetime Allowance protection.

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, 2nd floor, One Embankment, Neville Street, Leeds, LS1 4DW.

Step 8.

We will then ask you to review your illustration of benefits.

Click 'View key feature illustration' to see a breakdown of your drawdown arrangements.

Step 9.

You will then be asked to complete a pension benefits questionnaire. Your answers will flag the important risks you should consider before taking benefits.

Step 10.

Check your benefit request summary and make sure it is accurate.

Once you have read through the declaration, click ‘Submit this benefit request’.

What’s next?

  • It usually takes no more than 10 working days to receive your lump sum payment.