We do not know what will be in the Autumn Budget on 26 November. Think carefully before making financial decisions based on speculation. Once you’ve completed a withdrawal you will not be able to cancel it.
If you’re under 55
You cannot usually withdraw from your Personal Pension until you reach 55. This will rise to 57 from 2028.
If you’re 55 or over
Select if:
- you have not taken any tax-free cash from your Vanguard Personal Pension
- you have already taken tax-free cash from your Vanguard Personal Pension and want to take more
If you have not taken some tax-free cash from your Vanguard Personal Pension before, log in to your account on our website and follow the steps below.
The withdrawal process usually takes a few weeks. If you want us to process your tax-free payment before the Budget, you must complete the withdrawal process before 19 November as it will take our team time to finalise it.
The withdrawal process involves 2 phone appointments with our retirement consultants. The first is to submit your request and should be completed by 7 November. The second is to authorise your request.
You must have a verified bank account to withdraw cash from your Personal Pension before you book your appointment. It can take us a few days to verify your bank account.
Learn more about Budget deadlines
Your first appointment with one of our retirement consultants
Log in to your account on our website. You cannot use an iPhone or iPad for pension withdrawals.
Go to ‘Pension overview’ and you’ll see a section called ‘Want to start withdrawing?’
Select ‘Request retirement pack’ then ‘Book now’. Choose a date and time for your first phone appointment. It can take up to 6 working days or longer to get an appointment in busy periods.
During your appointment, our retirement consultant will help with pension questions in a guidance capacity only. They’ll explain your options, the process and how long it will take. They cannot give you regulated financial advice.
After your appointment, log in to your account on our website. Do not use an iPhone or iPad.
Go to ‘Pension overview’ and select ‘Choose withdrawal option’.
Tick the box to confirm your personal and bank account details are correct, you’ve downloaded and read your retirement pack and you have not taken any serious ill health lump sums.
Choose ‘Flexible income (drawdown)’ or ‘Individual lump sum (UFPLS)’. Make sure you select ‘Flexible income’ if you want to take tax-free cash only. If you select UFPLS, you must sell enough investments to cover the amount you wish to withdraw. We cannot do this for you.
Answer the questions honestly and openly. If you’ve already taken cash out of any pensions you may have with other providers, tell us which allowances you’ve used (Lifetime Allowance or Lump Sum Allowance).
Once you’ve submitted your answers, we’ll upload a pension illustration to ‘Documents’ in your account, which takes 48 hours. We'll send you a secure message with a link so you can book your second phone appointment with one of our pension consultants.
Your second appointment
During your appointment, we’ll confirm your instruction. If you’re happy to continue, we’ll approve your pension illustration.
Log in to your account on our website. Do not use an iPhone or iPad. Go to ‘Pension overview’ and select ‘Payments’.
Select the ‘Money out’ tab, ‘Complete withdrawal’ and then tick the withdrawal declaration.
It can take 7 to 10 working days for the money to arrive in your bank account. If you have any other transactions in place, such as a Direct Debit, we may need to wait for them to complete before we can process your pension withdrawal request.
Getting help in difficult circumstances
Please contact us if you’re having financial difficulties, navigating a difficult time in your life, or if your mental wellbeing is affected. This happens to many in these uncertain times. We’re here to help.
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