If you are under 55
You cannot usually withdraw from your Personal Pension until you reach 55. This will rise to 57 from 2028.
If you are 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
As part of the withdrawal process, you’ll need to book 2 phone appointments with one of our retirement consultants.
The first will take about 30 minutes, during which we’ll discuss your options. There will be a follow-up call to approve your pension illustration.
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.
The withdrawal process usually takes 3 to 4 weeks to complete.
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.
Once you’ve taken all your tax-free cash
Once you’ve taken all your tax-free cash out of your Personal Pension, and want to withdraw an income, you do not need an appointment with us.
- Log in to your account on our website.
- Select your ‘Drawdown pension’ account.
- Select ‘Payments’ then ‘Money out’.
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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