Apply for drawdown by post

How it works

If you’re not eligible to apply online, or if you’d prefer not to, you can apply for drawdown through the post in three easy steps.

If you're applying for full or partial drawdown

1.  First you’ll need to call our Pensions Helpdesk on 0117 980 9926. They’ll cover your options for drawdown and complete a set of risk questions with you over the phone. You may have already completed the risk questions online. If certain circumstances change or you don’t choose to proceed with drawdown within six months of completing the risk questions, you’ll need to complete them again. Please note that for each drawdown application you’ll need to complete a new set of risk questions.

2.  Request a personal illustration and application form. The illustration will show you:

• How your withdrawals could affect how long your pension lasts
• What different growth rates could mean for your pension value
• What might be left to pass on to your loved ones
• How much of your drawdown account will be made up of uninvested cash, or investments similar to cash

The figures are examples only, based on assumptions which are explained in the illustration. What actually happens will depend on your withdrawals and how your investments perform. Income isn't guaranteed. Usually you have to be at least 55 to access your pension (rising to 57 from 2028). If you're younger we can still help you to prepare for retirement, but you won't normally be able to request an illustration or application.

3.  Complete and return the application form. We'll process your application. If we require any additional information, we'll let you know. The majority of clients receive their tax-free cash within 15 working days from when they applied. We will:

• Check any new bank details you’ve given us
• Move your holdings into your drawdown account
• Pay your tax-free cash

If you change your mind

Like many other pension providers, we have allowed clients to cancel their first drawdown application within 30 days. HMRC have recently indicated it’s not possible to return your tax-free cash as part of this process. Whilst we await further detail, we are currently unable to process any cancellation requests. You should therefore be certain that applying for drawdown is right for you before you apply.

See other ways to apply

If you’re applying to transfer a drawdown plan or inheriting a SIPP

The steps you’ll need to follow are the same as above except we won’t send your personalised illustration until we’ve received your application telling us what you want to do. This is so we can put together an accurate illustration of what you’ll be holding in drawdown.

If you’re transferring a drawdown plan, we’ll request the transfer on your behalf and let you know once your transfer is complete. You won’t be able to take an income from your pension while the transfer is in progress. Call our Pensions Helpdesk on 0117 980 9926 to get started.