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Taking a lump sum from a plan already

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January 2021 Page 01 of 16
Taking a lump sum from a
plan already in Drawdown
SLCMSIPP32 0121
What this form is for
Only use this form if you have a Self Invested Personal Pension that is already in drawdown
and you want to take a lump sum of less than £50,000. This will not affect any existing regular
payment we are making to you.
Please contact us if you would like a quote showing the impact of taking this lump sum from
your plan.
This form is not suitable if your plan is invested via the Wrap platform. Please contact your
nancial adviser if you wish to make a withdrawal.
To help us process your request eciently, please ensure you provide all the information we
require. If we don’t receive accurate information, we may have to contact you which will cause
a delay in paying out your money.
Plan Number
D
Are you in serious ill health? (This means you have a life expectancy of less than 12 months)
Yes
It is likely you could receive your entire pension pot without any income tax. Do not complete this
form, give us a call on 0800 634 7477 and we can help you with this option.
No
Move on to the next question.
Taking pensions guidance
We recommend that you seek appropriate guidance or advice to understand your options at
retirement. You can access Pension Wise, the Government’s free impartial guidance service, online
at www.pensionwise.gov.uk, by phone (0800 138 3944) or face-to-face if you’re age 50 or over.
Where you have received nancial advice, you should take this advice into consideration when
making your selections in this form.
Have you used Pension Wise, whether online, face-to-face or by phone, or taken nancial advice
concerning this decision?
Pension Wise
Financial advice
Neither
Move on to the next question.
Have you shopped around?
Dierent providers oer dierent options for your retirement. Shopping around before making a
decision could result in you being nancially better o. Make sure you understand how charges
compare.
Please conrm you are aware of the benets of shopping around.
Yes
Move on to the next section.
Page 02 of 16 January 2021
Important information about tax
How much tax will I pay?
We will use up any remaining tax-free lump sum first. Any amount above this will be subject to
income tax at your marginal rate. This rate depends on your total income in a tax year, so please
be aware that taking this withdrawal could take you into the next tax band. If you prefer you can
spread any remaining tax-free cash over future income instead – call us for details.
You may be able to avoid paying as much tax by splitting your cash withdrawals over two or more
tax years. If you are concerned about your tax exposure, we would recommend you seek guidance
or advice before proceeding.
How much tax will be deducted now and how can I reclaim any overpayment?
When calculating your payment, we have to follow strict HMRC guidance about how much
tax to take off. This means we normally have to deduct more tax upfront, which you may
then need to reclaim later using a form you can download from the HMRC website at
https://www.gov.uk/government/collections/income-tax-forms.
In future you may be more restricted in how much you, an employer, or a third party can pay into
this or any other defined contribution pension.
Different rules apply to flexible drawdown and capped drawdown. The section below will give
you further details of these rules.
Please be aware that in both situations your own annual allowance may be different depending
on your earnings. If you have any concerns about the annual allowance please contact us as this
form may not be suitable for you.
Flexible Income (Drawdown)
When you take more than the tax free cash, the maximum you, an employer or any third party
can pay into any of your defined contribution pensions without attracting a tax charge reduces
from £40,000 a year to £4,000 a year. You also won’t be able to use carry forward in any of your
defined contribution pension(s). This can be a problem if you are still earning and:
Have other savings you want to pay into your pension for a tax uplift.
Or
You intend to have significant contributions paid into any of your pension. Check this limit isn’t
going to be a problem before going ahead. Once the limit reduces you can’t change your mind later.
Please note that the above restrictions only apply to pensions that are classed as ‘Defined
Contribution Pensions’.
Capped Drawdown
When you take more than the tax free cash but remain in capped drawdown, the maximum you,
an employer or any third party can pay into any of your pensions without attracting a tax charge
is not affected. The standard annual allowance is £40,000 a year.
I’m aware of the tax implications of taking cash from my pension and am happy to proceed
on this basis.
Move on to the next section.
Lifetime Allowance checks
We are required to check whether the total value of all your pensions (excluding your state
pension) exceeds the Lifetime Allowance.
The Lifetime Allowance is a limit on the value of payments from your pensions, either lump
sums or income, that can be paid out without triggering a tax charge.
1. Is the combined value of your pensions, either in payment or not, greater
than £500,000?
Yes
No
2. Are you about to take retirement benefits from another pension scheme
or policy?
Yes
No
3. Have you ever taken any tax-free lump sum or pension from another
pension sheme or policy?
Yes
No
4. If you have answered yes to question 3, have you exceeded your
Lifetime Allowance?
Yes
No
5. If no, what percentage of your Lifetime Allowance have you used?
%
.
6. Will the retirement benefits in this form exceed the Lifetime Allowance?
Yes
No
If you answer ‘Yes’ to any of these questions, we may contact you for more details.
Move on to the next question.
Each time you take
benefits, your pension
provider should tell you
the percentage of your
Lifetime Allowance you
have used.
January 2021 Page 03 of 16
Do you have any dependants?
Any money that you take now and that you don’t spend forms part of your estate if you die and
could be liable for inheritance tax if your estate is large enough. Bear in mind, money left in your
pension is likely to pass to your spouse, partner or family inheritance tax free.
Please confirm you’re aware of the risks of going ahead and happy to proceed on that basis.
Yes
Move on to the next section.
Do you receive means-tested benefits?
If you or your partner/spouse are entitled to any means tested state benets these could be
reduced or stopped entirely by accessing money in your pension. It could also aect any ture
benets you may be entitled to. You may want to take time to look into this.
To help understand this you can:
• talk to the Department for Work and Pensions or the Citizens Advice Bureau
• you could also speak to a nancial adviser of your choice or use www.unbiased.co.uk to nd
an adviser locally.
Please confirm you’re aware of the risks of going ahead and happy to proceed on that basis.
Yes
Move on to the next section.
Are you in debt?
Do you have a bankruptcy or County Court Judgement order against you?
Yes
Please be aware that any money you take from your pension could be utilised by creditors to pay
off outstanding debts and you should consider if this will impact you.
No
If you’re intending to use your withdrawal to repay debt, there may be early redemption penalties
and you should also consider the amount of income tax that you will have to pay. You may not be
able to pay off as much debt as you want to.
Make sure you understand all the options available to you to manage your debts. There may be
a better option for you than taking money from your pension. You can contact the Money Advice
Service on 0800 138 3944 or visit their website www.pensionwise.gov.uk You can also visit your
local Citizens Advice Bureau for help.
Please confirm you’re aware of the risks of going ahead and happy to proceed on that basis.
Yes
Move on to the next section.
Protection from the Lifetime Allowance
Have you registered or applied for (do not tick any boxes if you have NOT registered or
applied for protection):
Primary protection
Enhanced protection
Fixed protection 2012
Individual protection 2014
Fixed protection 2014
Individual protection 2016
Fixed protection 2016
Please forward a copy of any certificate(s) or letters you have received from HMRevenue&Customs.
Move on to the next section.
Page 04 of 16 January 2021
Other important things you should think about
Your options at retirement
Your options at retirement and the tax you pay will depend on your personal circumstances. If you
require nancial or other professional advice you should consult a suitably-qualied professional.
Laws and tax rules may change in the ture so this information is based on our current
understanding in December 2020.
Anything remaining of your pension will stay invested
Keeping some of your pension invested means it has the potential for future investment growth.
It also means the value of your pension could fall and you may get back less than you paid in.
You should consider if remaining invested continues to be appropriate for your circumstances.
There are other options available to you that you may wish to think about. You can find out more at
www.standardlife.co.uk. You might want to seek guidance from PensionWise or the Money Advice
Service or get financial advice. There will likely be a charge for financial advice.
Checking your investment choices are suitable
Take time to check the investment choices you made still suit your needs. We offer options to
suit most needs. You can view the investment options available by logging on to your personal
dashboard at www.standardlife.co.uk and opening ‘My Retirement’. Alternatively, you should
consider taking financial advice. There will likely be a charge for financial advice.
Volatile investment markets
You might end up losing money if you withdraw or change funds when investment markets are
falling. This could affect how long your money might last and could mean that your money runs
out altogether.
Understand how inflation may affect you
There is a risk that the income you are taking may not keep pace with inflation. Investment
growth is needed to keep pace with inflation and investment growth is not guaranteed. It may be
necessary to adjust the amount of income you require to take account of inflation.
Moving to a guaranteed income for life (also known as an annuity)
If you decide to buy a guaranteed income for life in the future, the level of income you receive will
depend on how much money you have to buy the guaranteed income and also the annuity rates
at the time, your age, health and lifestyle.
I’m aware of the implications of taking cash from my pension and am happy to proceed
on this basis.
Yes
Move on to the next section.
Do you understand that taking cash now means your fund may run out sooner
or altogether?
The more cash you take out now, the less you may have for the future. If this is your only pension,
you could be left with no source of income for your retirement other than the State Pension if you
take too much now.
Remember money in your pension grows tax-efficiently and you can withdraw money any time you
like. It can normally also pass tax-free to your spouse or family if you die before age 75. So consider
just taking what you need.
Please confirm you’re aware of the risks of going ahead and happy to proceed on that basis.
Yes
Move on to the next section.
Investment Scams
As you access your pension it’s important to be aware of potential investment scams. These
scams can be very convincing and will usually offer high returns with little risk but could end
up with you losing all or part of your money.
If you have any concerns now or in the future, you can get more information from the Money
Advice Service about what to look for and what to do if you’re worried on 0800 138 3944
or visit their website www.pensionwise.gov.uk
Move on to the next section.
January 2021 Page 05 of 16
Personal details
1. Title
(Mr/Mrs/Miss/Ms/
Other eg Dr/Rev)
2. Surname
3. First name(s)
in full
4. Date of birth
(DD/MM/YYYY)
5. National Insurance Number
6. Marital status
Single
Married/civil
partnership
Separated
Divorced/dissolved
civil partnership
Widowed/surviving
civil partner
7. Address
House number
Street
City/Town
County
Postcode
8. Contact details (we may need to contact you about your request)
Daytime
Evening
Email
Move on to the next section.
Page 06 of 16 January 2021
Taking a lump sum
You can choose how much money you
would like to take as a lump sum
OR
You can choose to take all the remaining
money from your pension
Tell us how much money would you like to take
in the box below:
This is the lump sum
amount we will take from
your pension before tax.
Please move on to the next section about
“Understanding your investments”.
Tick this box to confirm that you would
like to take all the remaining money from
your pension.
Please move on to the bank account details
section.
Understanding your investments
How you invest the money in your pension can make a big difference to how long your money
might last. You need to make sure the choices you make suit your circumstances so your pension
will continue to provide you with the money you want, now and in the future.
Move on to the next section.
£
January 2021 Page 07 of 16
Your investment choices
When it comes to retirement, you’ve got exibility about how you can take money from your pension
savings. The choice is yours.
However, everyone’s personal circumstances are dierent. For you to make use of this exibility and
to allow you to spend your savings in a way that suits you, it’s important to make decisions wisely
about how to invest
That’s why we oer some simple choices: choose “Help me do it” for one of our Investment Pathway
options, “Let me do it” if you want to make your own decisions on where to invest, or “Remain in my
current investments” to stay invested where you are now.
You can pick “Help me do it”
This gives you a simple choice from four ready-made investment pathway options based on what you
plan to do with your remaining money over the next five years. Experts manage your money in line
with your plans.
Tick this box if you want to choose the “Help me do it” option and move on to the “Help me do
it” section on page 8 to make your investment choice.
You can pick “Let me do it”
This is where you can choose your own funds from our full range if you have the knowledge and
confidence to do so and the time to review regularly. You might want a bit more control, perhaps
looking for a different level of risk and reward to our ready-made options.
Tick this box if you want to choose the “Let me do it” option and move on to the “Let me do it”
section on page 10 to make your investment choice.
You can pick “Remain in my current investments”
With this option you can remain invested in your current pension pot investments if you think they
still meet your needs.
Tick this box if you want to remain in your current investments and move on to the “Remain in
my current investments” section on page 11 to make your investment choice.
Page 08 of 16 January 2021
Help me do it – Investment Pathways
Investment Pathways are ready-made investment options designed to meet your retirement needs
and make your decision simpler.
Please read the information on this page and then select one of the following investment options
which best describes your plans for the money remaining in your pension.
This can be changed at any time in the future.
Option 1
I have no plans to touch my
money in the next 5 years
Standard Life Investment Pathway
Option 1 Fund: I have no plans
to touch my money in the next
5 years.
By choosing the Standard Life
Investment Pathway 1 Fund, you
won’t be planning to access your
money in the next ve years.
It’s designed for the long-term,
so more than ve years, to aim to
grow your money. You might see
the value of your money going
down as well as up a lot in the
short term.
If you are taking a regular
withdrawal from this plan,
please consider whether this
option is right for you:
While you can take money
from your pension whenever
you want, we don’t want you
to be in an investment that
might not be right for you.
You have chosen to take a
regular income from your
pension pot but you’ve picked
an investment option that
is designed for people who
are not taking any money in
the next 5 years, so please
consider if this is the right
option for you.
Tick this box to choose this
option and move on to the bank
account details section.
Option 2
I plan to use my money to
set up a guaranteed income
(annuity) within the next
5 years
Standard Life Investment Pathway
Option 2 Fund: I plan to use my
money to set up a guaranteed
income (annuity) within the next
5 years.
By choosing the Standard Life
Investment Pathway 2 Fund, you’ll
be planning to buy a guaranteed
income (annuity) in the next ve
years.
It’s designed to help lessen the
impact of changes in annuity
rates so when you come to buy a
guaranteed income, you’re less
likely to be aected by changes in
the cost of buying one. You may
still see the value go down as well
as up, sometimes by a lot.
If you are taking a regular
withdrawal from this plan,
please consider whether this
option is right for you:
While you can take money
from your pension whenever
you want, we don’t want you
to be in an investment that
might not be right for you. If
you choose this investment
option and take a regular
income from your pension pot,
you could have signicantly
less to buy an annuity with in
the ture. Please consider this
when deciding to take money
and making your investment
choices.
Tick this box to choose this
option and move on to the bank
account details section.
Option 3
I plan to start taking my
money as a long-term
income within the next
5 years
Standard Life Investment Pathway
Option 3 Fund: I plan to start
taking my money as a long-term
income within the next 5 years.
By choosing the Standard Life
Investment Pathway 3 Fund, you’ll
be planning to start accessing your
money within the next ve years
and for it to last longer.
It’s designed for the long-term, so
more than ve years, to aim to grow
your money while oering some
stability. You may still see the value
of your money going down as well
as up in the short term.
Tick this box to choose this
option and move on to the bank
account details section.
* By selecting an
Investment Pathway
you cannot choose any
other investment. For
more information on our
Investment Pathway
funds, please go to
www.standardlife.co.uk
January 2021 Page 09 of 16
Option 4
I plan to take out all my
money within the next
5 years
Standard Life Investment Pathway
Option 4 Fund: I plan to take out
all my money within the next
5 years.
By choosing the Standard Life
Investment Pathway 4 Fund, you‘ll
be planning to take all of your
money in the next ve years.
It’s been designed with this in
mind so you could expect it to aim
for relatively stable returns. Its
value may still go down as well
as up.
Tick this box to choose this
option and move on to the bank
account details section.
Other providers may oer a pathway investment to meet your needs, which may have a dierent
level of risk and/or charges than our pathway investment. You may benet from shopping around
by comparing dierent product providers and investment options directly or online. You can get
assistance with shopping around at The Money and Pensions Service by going to www.maps.
org.uk where you can also access a drawdown comparator tool from 1 February 2021 by going to
www.moneyadviceservice.org.uk/en/tools/drawdown-investment-pathways.
Page 10 of 16 January 2021
Shopping around for the best option
You may benefit from shopping around by comparing different product providers and investment
options directly or online. You can get assistance with shopping around at The Money and Pensions
Service by going to www.maps.org.uk where you can also access a drawdown comparator tool from
1 February 2021 by going to www.moneyadviceservice.org.uk/en/tools/drawdown-investment-
pathways.
Please move on to the bank account details section.
Let me do it
If you decide to choose your own investments, there are a few things for you to think about, such as
what your plans are for the money in your pension, how much risk you’re willing and able to take and
how long you want to leave your money invested.
You need to be comfortable taking responsibility for the fund (or funds) you choose and you need
to review them regularly to make sure they continue to meet your needs.
Please fill in the boxes below with your investment choices for the money you are leaving in your
pension pot and read the remaining section on this page.
Fund name Fund code %
If you don’t include the fund
code this will delay your
payments.
January 2021 Page 11 of 16
Remain in my current investments
You can choose this option if you are confident that your existing investment choices for your pension
pot still meet your needs. It’s important to review your investments so you can be confident that your
pension will continue to provide you with the money you want, now and in the future.
Are you currently invested in Standard Life Investment Pathway Option 1 or Standard Life
Investment Pathway Option 2?
Yes No
Tick this box to confirm you are confident your current pension pot
investments meet your needs and then read the remaining section
on this page.
You can take money from your pension whenever you want but we don’t want you to be in an
investment that might not be right for you.
If you are invested in Standard Life Investment Pathway Option 1 Fund please consider if this is
the right investment option for you. While you can take money from your pension whenever you
want, we don’t want you to be in an investment that might not be right for you. You’ve chosen to
take a withdrawal from your pension pot but your investment option is designed for people who
are not taking any money in the next 5 years, so please consider if this is the right option for you.
If you are invested in Standard Life Investment Pathway Option 2 Fund please consider what
effect your withdrawal could have on your future income. While you can take money from your
pension whenever you want, we don’t want you to be in an investment that might not be right for
you. You have chosen to take a withdrawal from your pension pot which means you could have
significantly less to buy an annuity with in the future. Please consider this when deciding to take
money and making your investment choices.
If you’re still confident that you would like to stay in Investment Pathway option 1 or 2 tick
this box and then read the remaining section on this page.
Shopping around for the best option
You may benefit from shopping around by comparing different product providers and investment
options directly or online. You can get assistance with shopping around at The Money and Pensions
Service by going to www.maps.org.uk where you can also access a drawdown comparator tool from
1 February 2021 by going to www.moneyadviceservice.org.uk/en/tools/drawdown-investment-
pathways.
Please move on to the bank account details section.
Page 12 of 16 January 2021
How we will pay out the lump sum
If you don’t give us full instructions about how you would like your lump sum to be paid out, the
following default process will apply:
If we are paying a tax-free lump sum:
• We’ll move a proportion of every investment from the ‘savings’ to the ‘drawdown’ part of your
plan;
• We’ll provide the tax-free lump sum by cancelling units proportionately from every insured
fund (SLIP fund) that’s moving from ‘savings’ to ‘drawdown’ (if there is not enough in the SLIP
funds we’ll pay the difference from the SIPP Bank Account).
If we are paying a taxable lump sum:
• We’ll cancel units proportionately from every insured fund (SLIP fund) held in the ‘drawdown’
part of your plan and by taking money from the SIPP Bank Account.
If your plan is invested in funds other than SLIP funds or if would want to give us specific
instructions about the investments that you want us to sell into the SIPP Bank Account, complete
the table below.
Fund code
Fund name
Amount (as a %)
Total (must add up to 100%) %
Bank account details
Please enter the details of the bank account you would like your money to go to. You must be
named on the account.
Bank/building
Society
Account No.
Branch
Sort Code
Name on bank card
/account name
Building society
roll No.
All future payments from your plan will be paid into this account. If this bank account is a savings
account, please provide an original bank statement less than 3 months old or an ink certified
copy of your statement. If we require any additional information we will contact you.
You must fully complete this
section even if we hold your
bank details already.
January 2021 Page 13 of 16
Data Protection Notice
Data Protection Notice
We’re committed to maintaining the trust and confidence of our customers. Our Privacy Policy explains
how we use our customers’ personal information. It explains when and why we collect personal
information about our customers, how we use it, the conditions under which we may share it with
others and how we keep it secure. It also explains how you can obtain details of the information we
hold about you, and the choices you have about how we use that information. You can get a copy
of our Privacy Policy on our website: https://www.standardlife.com/sl/privacy-policy/slal.page
Declarations made
These are the declarations we need from you to process your application. You must tick each box
below to confirm you have read them.
My declarations
I won’t recycle any tax free lump sum back into this, or any other, pension plan. Payments
made into this, or any other pension plan, by me, my employer, or a third party will not be
significantly greater than they would have been had I not been expecting the tax free lump
sum I’ve chosen to receive.
I’ve chosen not to take advice on this occasion and understand that this means I’ve less
grounds for complaint in the future.
I’m aware of the options available to me and the tax implications of the choices I’ve made
and I’m happy to proceed with this application.
Before signing the form, please check you have completed all sections correctly. There will be
a delay in paying your lump sum(s) if you haven’t.
I have read this form and have considered the implications of taking a lump sum from my pension
plan. I want Standard Life to pay the lump sum I have requested to my bank account less any tax
that may be applicable.
I am aware that I cannot cancel my request once I have submitted this form.
Signature
Date
(DD/MM/YYYY)
Please post this form to:
FREEPOST
Standard Life
Standard Life House
30 Lothian Road
Edinburgh
EH1 2DH
We’ll be in touch if we need to contact you to confirm your details. We’ll aim to process your request
within 5 working days of receipt of your fully completed and valid application. You should normally
receive your payment within 10 working days after we receive the form.
Please be aware that your nd will remain invested until we process your application and that
its value may go up or down while it remains invested.
To be a ‘significant
increase’, the total
increase in the payments
must be more than 30%
of the lump sum.
Page 14 of 16 January 2021
January 2021 Page 15 of 16
Page 16 of 16 January 2021
SLCMSIPP32 0121 © 2021 Standard Life Aberdeen, reproduced under licence. All rights reserved.
STA1120576870-002
Standard Life Assurance Limited and Standard Life Trustee Company Limited are owned by the Phoenix Group and use the Standard Life brand under licence from the
Standard Life Aberdeen Group. You can find more information about Standard Life Aberdeen plc’s strategic partnership with Phoenix at www.standardlife.com/partnership
Standard Life Assurance Limited is the provider and scheme administrator of the Standard Life Self Invested Personal Pension Scheme, and Standard Life Trustee Company
Limited is the trustee.
Standard Life Assurance Limited is registered in Scotland (SC286833) at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Trustee Company Limited
is registered in Scotland (SC076046) at Standard Life House, 30 Lothian Road, Edinburgh, EH1 2DH.
Standard Life Assurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
www.standardlife.co.uk
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