Sign up Pension Drawdown A flexible way to take cash from your pension Free withdrawals There's no drawdown costs unless you transfer to us and take your whole pot within 12 months Experienced money managers Plans from BlackRock, State Street Global Advisors, Legal & General and HSBC UK-based support Our friendly BeeKeepers are always on hand to help, no matter what the question Important: With investments, your capital is at risk. Pensions can go down in value as well as up, so you could get back less than you invest. What is pension drawdown? Drawdown is one of the options for taking your pension when you reach retirement. It means leaving your pension money invested, and taking cash as and when you need it. Pension drawdown doesn't give you a guaranteed income like an annuity, but it does provide more flexibility. The size of your pension pot can grow or reduce, depending on how your investments perform, and you're not restricted on what you can withdraw. How does pension drawdown work? Pension drawdown becomes available from the age of 55 (57 from 2028), and at this point you can take up to 25% of your pension totally tax-free - as a lump sum or in portions. The rest will stay invested and can be withdrawn as you wish, but you'll pay income tax on anything you take over your 25% tax-free amount. Watch our video explainer to find out more about drawdown tax, or try our drawdown calculator to see what a PensionBee withdrawal could look like. Use our drawdown calculator The pros and cons of drawdown How you decide to take your pension is a big decision, so before you start the drawdown process it's essential to consider the pros and cons. Watch personal finance journalist and money blogger, Faith Archer, explain whether drawdown might make sense for you. Choosing the right drawdown plan (Investment Pathways) As you approach retirement, it's important to consider whether your pension plan matches your retirement goals. We offer four goal-aligned Investment Pathways that you can explore either now or when you make your first withdrawal. You're not obligated to pick a specific pathway, and you can withdraw from any of our plans if you feel they better meet your objectives. You can find out more about the plans corresponding to each Investment Pathway on our dedicated plans page. Option 1 I have no plans to touch my money in the next five years. Option 2 I plan to use my money to set up a guaranteed income (annuity) within the next five years. Option 3 I plan to start taking my money as a long-term income within the next five years. Option 4 I plan to take out all my money within the next five years. Why drawdown with PensionBee? Combine and take control PensionBee combines all your old pensions into one new online plan. This helps make drawdown much easier, as all your money is together. There's no drawdown costs unless you take your entire pot within 12 months*, and we'll only charge you one fair annual fee to manage your pension. *If your pot has been with PensionBee for less than a year and you wish to withdraw it in full, then a full withdrawal fee of £480 applies. This fee will also be charged if the value of your account is less than the £480 fee at the point of withdrawal. Access your cash quickly There's no forms to sign as everything is done digitally, including your emergency tax payment to HMRC. Paying out your cash typically takes 10 working days. UK-based support Every PensionBee customer gets their own dedicated BeeKeeper. They'll be on hand to answer any questions you might have, throughout the drawdown process. Invest with the experts Our pensions are managed by some of the world's largest money managers — State Street Global Advisors, HSBC, BlackRock and Legal & General — so your money's in experienced hands. See how we've helped Tony prepare for retirement Looking to Drawdown? Combine your pension pots into one new online plan & withdraw online from the age of 55. Get started PensionBee is authorised and regulated by the Financial Conduct Authority. With pensions, your capital is at risk. OUR SERVICE How it works Combine Contribute Withdraw Plans Self-employed Fees Refer a friend ABOUT US Vision Values History Reviews Press Careers KNOWLEDGE Pensions explained Blog Pension calculator Drawdown calculator Pension landscape INVESTOR RELATIONS Overview Business model & strategy ESG Leadership Regulatory news Results and reports Financial calendar Share price IPO centre Contact us HELP & FAQS Contact us FAQs Terms Privacy policy General enquiries: 020 3457 8444 Press enquiries: 020 3859 5788 General enquiries: contact@pensionbee.com Press: press@pensionbee.com Partners: partnership@pensionbee.com PensionBee, City Place House, 55 Basinghall Street, London, EC2V 5DX © Copyright 2021 PensionBee Ltd. Company registration: 9354862. FCA Reference Number: 744931. Information Commissioner's Office registration: ZA131262 We use cookies to ensure that you get the best possible experience. By continuing to use our website you are agreeing to their use. Find out more about cookies. Excellent 4.7 out of 5