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In a nutshell
Income drawdown is a flexible way to take money from your pension pot, normally, you need to be at least 55. Before you decide to take money from your pension, make sure you think about your overall financial circumstances and any retirement goals.
It’s worth taking a look at Pension Wise , the government’s free, impartial service, to help people with a defined contribution pension understand their retirement options.
Before you apply to start taking money make sure you:
- Are 55 or over
- Have reviewed all your options for taking money from your pension
- Have an Aviva Pension that starts with the policy number AV2. You’ll find your policy number on your pension documents
- Are certain that income drawdown is the right retirement income option for you Get an overview of income drawdown. If you’re unsure about accessing income drawdown through your Aviva Pension, we recommend speaking to a financial adviser about your options
- Understand that accessing income drawdown is a feature of the Aviva Pension and have read the important Key Features, Terms and Conditions and Services and Charges to get details of the aims, risks, charges and tax treatment involved.
- Understand that income drawdown means that your pension pot remains available to invest in the fund(s) of your choice, so the value of your pension could go down as well as up in value and you may get back less than has been paid in. These fluctuations, along with the charges that are taken and withdrawals you are making, means drawdown may not provide you with an income for life.
- Understand how taking money from your money will affect your tax position, which will depend on your individual circumstances and may be subject to change in the future
- Shop around and compare the features of products offered by different providers, such as their charges and investment options, to make sure you're getting the best deal
Are you ready to take your money?
Things to consider
Before you get started, make sure you understand how you want to take money from your pension. You should understand:
- How much of your pension you want to withdraw. Get an overview of how drawdown works
- Whether you want to take a tax-free lump sum from your pension
Whether you want to take any taxable money from your pension and if so:
- How much
- How often: monthly, quarterly, half yearly, yearly, or one-off
- Which investments you want to take your income from
- Whether the money you take from all of your pensions might exceed your lifetime tax allowance .
- The details of any pensions that you have taken money from already
If you want to make a single withdrawal, either as tax-free cash or taxable income, you'll need to sell some of your investments so that you have enough money in your cash account to make the withdrawal.
If you want to make a regular withdrawal, specify which funds you'd like your regular withdrawal to come from, and your money will automatically move across to your cash account, so you can take it as an income.
You must declare a bank account for your withdrawals to be paid into.
The investments you have used to grow your fund are not necessarily suitable for taking an income – you may want to review and make sure you are invested in the right way. When choosing which funds to invest in, you should consider your capacity for loss and attitude towards risk, as well as the charges, your aims and circumstances.
We can give you facts but not a personal recommendation
While we can give you all the facts about our products and services, we can’t give you personalised financial advice and nothing on our website is a personal recommendation.
If you are looking for a personal recommendation or you’re not sure whether a product or service is right for you, you should ask a financial adviser who may charge for their service.
If you would like more information, please visit our financial advice web page.
Fair Processing Notice
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Start the process to withdraw money from your pensionLog in to MyAviva
Impartial advice from the government
Pension Wise has been set up by the government and offers free and impartial guidance for people retiring with defined contribution pensions. It will help you understand what your choices are and how they work.
You'll be able to get help on the Pension Wise website, over the phone or face to face.
If you are approaching retirement we recommend you get guidance or advice to help you understand your options.
Product provided by: Aviva Pension Trustees UK Limited. Registered in England No. 2407799. Aviva, Wellington Row, York, YO90 1WR. Authorised and regulated by the Financial Conduct Authority. Firm Reference Number 465132.
Aviva UK Digital Limited introduces to Aviva Pension Trustees UK Limited for pensions. Aviva UK Digital Limited is registered in England No. 09766150. Registered office: St Helen's, 1 Undershaft, London EC3P 3DQ. Authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 728985.