Pension Income Drawdown - Couple Shopping after withdrawing from their pension

Pension Income Drawdown

We deliver professional UK pension drawdown advice

 

Pension drawdown, otherwise known as income drawdown, allows you to access up to 25% of your pension tax-free; if you’re 55 years or older. Since Pension Freedoms were introduced in 2015, people now have more flexibility when it comes to accessing their private and old workplace pensions.

We can help you drawdown your UK private pension. We also provide a free assessment of your pensions, to find the most suitable policy for you and your individual needs, which includes checking if you’re paying excessive fees. To get started, fill in our enquiry form or call our friendly team on 0808 164 2664 today.

 

Pension Income Drawdown - Couple Shopping after withdrawing from their pension

Pension Drawdown Calculator

 

  1. Enter your total pension value. Our pension drawdown calculator can only calculate for private pensions that have not yet been accessed.
  2. Check the tax-free cash available. Under current pension freedom rules, you can take up to 25% of your pension tax-free, as a lump sum or in portions. Anything after the first 25% is taxable.
  3. Enter how much tax-free and taxable cash you would like to take from your total pension value.
  4. Check the calculations to see how much tax you could potentially pay and the amount you can expect to receive. Please speak with one of our independent financial advisers for personalised drawdown advice.

Our Pension Drawdown Calculator is for illustration purposes only and should not be used as financial advice or guidance for Pension Drawdown.

As the pension provider will not know your tax-code on the initial drawdown payments, they will potentially use an emergency tax code. The calculator will always apply an emergency tax rate on taxable withdrawals.

The calculator will also assume that you haven’t taken any tax-free cash previously from your pension.

Please speak to one of our independent financial advisers for advice on the best way to access your pension.

Our Pension Drawdown Calculator assumes that you have not started accessing your pension, you haven’t taken a lump sum yet and are over the age of 55. In accordance with HM Revenues & Customs (HMRC) guidelines, the calculator applies an emergency 'Month 1' tax code. This means you only get one-twelfth of the available annual tax allowances, which may result in you being overtaxed or under-taxed compared to the calculations.



A mother & daughter discussing pension income drawdown

Why use Pension Works for pension drawdown?

Our job as pension drawdown advisers means we will assess your current pension provisions and deliver a comprehensive report that will outline all of your options. The report will also explain how your current pension(s) are performing and whether there are better products for you on the market, and is entirely free and without obligation.

If your pension funds are valued over £30,000, and you’re looking at your options for pension drawdown, it’s recommended that you take professional advice to ensure you’re making the right decisions with your financial future.

Contact us today by calling 0808 164 2664, make an enquiry by filling in the form on this page, or simply start the drawdown process online.

 

Peace of mind

Pension Works are authorised and regulated by the Financial Conduct Authority. We work with all major UK pension providers to ensure your retirement is in experienced hands.

Pension Drawdown Information

What is Income Drawdown?

Pension Drawdown, also known as Income Drawdown is a way of accessing your private pension(s) while keeping the balance of your funds invested. Drawdown is a more flexible way of taking an income or a one-off tax-free lump sum from your pension pots.

What is Flexi-access drawdown?

Flexi-access drawdown allows you to take unlimited, but taxable withdrawals from your pension. It is combined with the option to pass funds on after death which makes flexi-access drawdown an appealing option when taking pension benefits from a money purchase arrangement.

 
 

About us

Drawdown specialists – allowing us to fully advise you on income drawdown

ISO 9001 accredited – meeting the international standard for quality management

5 Star Trustpilot rating – consistent positive customer feedback

Independent & transparent – we are not tied to a single pension provider

Authorised and regulated by the Financial Conduct Authority – for your
peace of mind

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