How do I access my pension for retirement?

When you reach pension age, there are different ways you can access your pension benefits. You can buy an annuity which provides an income for life, withdraw a lump sum or use pension drawdown to have a flexible income. With pension drawdown, you can receive direct income from your pension pot.

Moneybox offers the following options: 

• Withdrawing directly from your Moneybox pension as a full or partial lump sum. Moneybox offer both Small Pots Lump Sum (provided that your pension meets the criteria) and Uncrystallised Funds Pension Lump Sum (UFPLS). You can access your Moneybox pension by either withdrawing a lump sum directly from it, or;
• By receiving a tax-free lump sum from Moneybox and using the rest of your pension to purchase an annuity from a provider of your choice. 

Further details about these options can be found in our Key Features document. 

We do not currently offer drawdown, where you are able to take a tax-free lump sum and income directly from your pension. Should this be your intention, we can transfer your pension to a provider that offers a drawdown facility. We’ll make this as smooth and quick as possible for you.

While we cannot offer advice on the provider you choose, we can suggest you consider drawdown and administration fees charged by different providers before transferring.

Please let us know if you have any further questions.