Who can access our non-advised flexi-access drawdown proposition?

The introduction of new pension flexibilities has considerably increased demand for flexi-access drawdown.  

It has however become clear that some investors want an alternative way to access flexi-access drawdown, other than paying for advice. In response to this demand, we now offer non-advised drawdown to existing customers only as detailed below.

Given the complexity of this product though, our first recommendation is always to speak to a financial adviser for guidance.

Who can access it?

Non-platform customers

You can transfer existing accumulation funds to One Retirement to access flexi-access drawdown. This will be done on the following terms:

  • UK resident with a minimum value of £20,000.
  • Full fund transfer only, no partial drawdown transfers are permitted.
  • Investment choice is SE Cautious Core Portfolio only.
  • No guaranteed income option.

Aegon Retirement Choices / One Retirement customers

You can activate the drawdown feature within your existing accumulation account. This will be done on the following terms:

  • UK resident with a minimum value of £20,000.
  • Full fund transfer only, no partial drawdown movements permitted.
  • Investment Choice – SE Cautious Core Portfolio or or existing investment.
  • No guaranteed income option.

Who can't access it?

Customers with the following requirements or arrangements:

  • Non-UK residents.
  • Any form of protection.
  • Phasing.
  • Requests for income or advice on income withdrawals.
  • Request for advice on investments.
  • Members of an Occupational Pension Scheme.

Setting up flexi-access drawdown will generate a tax-free cash payment, but it's your own responsibility to manage all income withdrawals online.

If you indicate at any stage in the process that you're unsure of what you need, we'll stop and recommend that you get regulated advice.

Drawdown will reduce the size of your pension fund and the investment growth may not be sufficient to maintain the level of income you wish to draw. If you withdraw money at a rate greater than the growth achieved by your investments, your remaining fund will reduce in value. The level of income you take will need to be reviewed if the fund becomes too small - this is more likely the higher the level of income you take.