Drawdown income payment calendar

Managing your drawdown income payments

If you’ve set up an income payment, it should arrive in your bank account on the 28th day of the month (or the previous working day). If you want to request a new income payment or change an existing one, we’ll need your instruction by the 17th day of the month it should start.

• How do I request a one-off drawdown income payment?

  You can do this by logging into your account online. Select your drawdown account, click on the 'Drawdown Information' tab, and then click ‘Request a one-off income payment’. Alternatively, you can send us a secure message confirming the amount you’d like to be paid (before tax) and the month you want us to pay it.

• How do I set up or change a regular income payment?

  If you want to set up regular income payments, or to change an existing instruction, you can let us know by sending a secure message once you’ve logged in to your account online. Make sure you confirm the amount you’d like to be paid (before tax) and the month you want the payments or amended instruction to start.

  If you can’t do this online, call us on 0117 980 9926.

• When are the selling cut-off dates for equities and funds?

  If you’re selling investments to meet an income payment, remember to consider the time it’ll take for the sale to complete and cash to become available (including trade and settlement periods).

  When selling typical investment funds (like a unit trust/OEIC), they normally take around five working days to settle after a trade has been placed. Equities typically take two working days to settle after a trade is placed. Other investment trades may take a longer or shorter time to complete. Our income payment calendar illustrates the monthly cut-off dates for investment sales and income payment requests. This could help you to plan your income withdrawals.

Important information- What you do with your pension is an important decision that you might not be able to change. You should check you're making the right decision for your circumstances and that you understand all your options and their risks. The government's free and impartial Pension Wise service can help you and we can offer you advice if you’d like it. The information on our website isn’t personal advice. Pension and tax rules can change and any benefits will depend on your circumstances.