Also known as a 'flexi-access drawdown' product, this gives you a flexible income directly from your pension pot – you can take as much or as little as you want as long as you have money in your pot
With a flexi-access drawdown product you can:
take a regular income or withdraw money whenever you need to
change the amount you take
stop taking an income
leave whatever is left to a loved one when you die
The flexible income pot works by:
paying a monthly amount direct to your bank account
allowing you to change the monthly amount at any time
continuing to pay an income until your chosen later life age, or until the pot runs out
Money you put in this pot is invested in the Smart Income Fund. This fund is provided by Legal & General. To see the details of this investment fund, download the Smart Income Fund factsheet.
you want a flexible income in your early years of retirement
you want to leave some of your money invested and access some of it, too
PAYE tax is deducted at source if applicable. Your income is taxable, so we’ll deduct any tax due before it’s paid into your bank account.You could pay emergency tax on your first payment. If this happens, we will refund you in your next payment or you can contact HMRC for a refund.
To work out the income you can receive from your flexible income pot, we look at:
the value of your flexible income pot
how your money is invested
We estimate an income that will probably last until your selected later life age.You can see an up-to-date estimate whenever you like by signing into Smart Retire.
Discover how you could combine your retirement options with Smart Retire
See how much you could get in retirement with a no-obligation illustration.
Complete our online application form.
That’s it – you can now start using Smart Retire to manage your money.
Have a question about Smart Retire? Our friendly UK-based team is here to help.
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