We don’t support this browser anymore.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

In this section

Retirement

Apply for drawdown online

To apply online you must be:

  • Moving an existing HL SIPP into drawdown
  • Aged between 55 and 74
  • Taking the maximum tax-free cash you're allowed (Normally 25%)

Can’t apply online? Or hold the HL Ready-Made Pension Plan in your SIPP? Apply by post.

What you need to read first

Please contact us if you have any questions about these documents.

What you need to know

  • Income - you cannot set up an income instruction as part of your online application. If you'd like to make an income withdrawal you can log into your online drawdown account after you've applied to request a one-off payment or send us a secure message. Alternatively you can call us or send a signed letter confirming your income instruction.
  • Tax - please make sure you understand how personal tax allowances and inheritance tax will affect you in drawdown.
  • Tax-free cash - we can only make a payment to you if you have enough uninvested cash in your SIPP to cover the tax-free cash amount. You should make sure this is available before you apply, to avoid delaying your application.
  • Direct Debits and contributions - if you're planning to move all of your HL SIPP into drawdown, and you want any existing Direct Debit or contributions paid by your employer into your SIPP to stop, please cancel these before you apply. If you do not, your SIPP will remain open alongside your drawdown account so payments can continue.
  • Pension transfers - if you have any pension transfers in progress, we will need to wait for these to complete before we can move you into drawdown.
  • Charges - there's no charge just to move into drawdown (outside of our usual dealing charges where applicable).
  • Investments - everything stays invested when we move your SIPP into drawdown. If you change your investments during this process, it will delay your application.

Once you've applied

  • We'll process your application, usually within 25 working days
  • We'll move your holdings into your drawdown account first
  • We'll pay your tax-free cash after this

Changing your mind

If this is your first drawdown application with HL, you have 30 days after your money enters your drawdown account to change your mind.

If you want to cancel your application, please send a secure message or write to us at: Hargreaves Lansdown, One College Square South, Anchor Road, Bristol, BS1 5HL

You must be logged in to apply for drawdown

log in

You must be between 55 and 74 to apply for drawdown online

As you are aged 75 or over we need to know more about your circumstances, therefore you can't apply online. Instead please apply by post

Guidance and advice

You may want to consider getting financial advice or guidance. It's important that you understand the risks and options available before you start taking money from your pension.

You can get free and impartial guidance from Pension Wise, the government's pension guidance service. They can help you make an informed decision about your retirement and the options available.

You can use the link below to book an appointment with a Pension Wise pension specialist or find information about how we can book this appointment for you.

Visit our Pension Wise page to find out more.

If you already have an appointment booked to receive Pension Wise guidance you should not proceed until after this appointment.

There was a problem submitting the form, please refresh the page and try again

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

If you don't have an HL SIPP

If you don't already have an HL SIPP, you will need to transfer your pension from your existing pension provider first. Once the transfer is complete you can then apply to move money from the HL SIPP into drawdown. How to transfer a pension to the HL SIPP.