Pension withdrawals from the Aviva Pension

There are things you need to have in place before you can request a tax-free cash withdrawal. You need to have a verified bank account on file, and the money you want to withdraw should be in cash, and not invested in funds, shares or other equity traded investments.

Are your bank details up to date?

Log into your MyAviva account and navigate to your Investment account. Select Manage your account next to any of your investment accounts which will take you to the summary page. On the summary page of your account select Manage your account and then View account details. 

From your account details page, select Your Account then Bank Details. On this page you should be able to see the bank details held on file. If you need to make any changes you can click Edit. If you wish to add a new bank account, you will need to click delete which will remove your old account. You will then be able to click Add new bank account which will allow you to add new account.

Please be aware, making changes to your bank account will require verification. If we can’t do this electronically, We will contact you by email to inform you if there is any action required. This may increase the time it takes to verify your bank account.

Do you have enough available cash to cover your withdrawal request?

You need to have the money you wish to withdraw in cash. If you need to place trades to disinvest from funds you can go to the summary page of your policy and click my options and then select Sell. Follow this process step by step to disinvest from your funds or shares. It may be worth bearing in mind that pending charges or market fluctuations may impact the amount of available cash you have. Please be aware that sells from funds can take up to five working days to complete. For help with buying and selling funds follow the Trading – How to buy/sell funds above.

Have you taken pension benefits elsewhere?

If you’ve already taken retirement benefits from another pension, we’ll need to know the percentage of Lifetime Allowance you’ve used.

The following steps will guide you through setting up your tax-free cash withdrawal online. Through the process you will also have the option to take a one-off taxable payment or a regular income payment (one-off payments and regular income payments are subject to tax).

Where to start

1. Log into MyAviva and click Your Policies then select Investments. Here you should be able to see your pension. Click Manage account. 
2. On your pension summary page select Manage your account and then View account details. 
3. On your account details page under New Withdrawal select Start a new withdrawal.

There are four steps to go through when setting up a withdrawal:

Step 1 of 4

There is important information on these pages regarding Pension Wise, your Lifetime Allowance, and your investment choices. If this is your first withdrawal, or if you haven’t taken a withdrawal within the past 12 months, you will need to go through the Five things you need to consider pages. This will include information on tax, pension scams, sustainability, how your withdrawal could affect any means tested benefit and shopping around. Please take the time to read through this information.

Step 2 of 4

The amount you have available to withdraw will show on the Withdrawals summary page. To proceed onto the next step click Apply for a withdrawal. You will need to answer questions here regarding financial advice and Pension Wise. After completing these questions, you will then need to submit information about your desired withdrawal:

• 'From my pension, I want to take:' select Part of it
  • 'I’d like to take it as a...' select Single lump sum
  • If you wish to take all your tax-free cash, select All of my tax-free cash only
• If you wish to take a partial tax-free cash withdrawal, select Another specified amount and submit the amount you wish to withdraw, then click Confirm and then confirm you wish to withdraw it as Tax free cash only

You will now have to decide how you wish to move money into your drawdown account (For every £1 of tax-free cash you withdraw, £3 will move into your Pension Drawdown account). You will also be presented with information about how you can invest the money moving into your Pension Drawdown account. Take the time to read through this information. When you have made your selections, you can click Continue

Step 3 of 4

You will see a summary of your withdrawal request and then be asked for some information regarding your Lifetime Allowance and Lifetime Allowance Protection.

Step 4 of 4

Here you will be able to review the information you have submitted. If you are happy with the information on screen you can click Request my illustration. Clicking this button should take you to a confirmation page confirming we’ve received your request.

You will receive an email confirmation when your illustration is available to read. It’s important you take the time to read through your illustration and any other supporting documents you receive before you commit to your decision.

You will be available to view your illustration online:

1. Log in to MyAviva and click Your Policies then select Investments. Here you should be able to see your pension. Click Manage account. 
2. On your pension summary page select Manage your account and then View account details. 
3. On your account details page under New Withdrawal select Review and accept withdrawal illustration.

There are things you need to have in place before you can request a tax-free cash withdrawal. You need to have a verified bank account on file, and the money you want to withdraw should be in cash, and not invested in funds, shares or equity traded investments.

Are your bank details up to date?

Log into your MyAviva account and navigate to your Investment account. Select Manage your account next to any of your investment accounts which will take you to the summary page. On the summary page of your account select Manage your account and then View account details. 

From your account details page, select Your Account then Bank Details. On this page you should be able to see the bank details held on file. If you need to make any changes you can click Edit. If you wish to add a new bank account, you will need to click delete which will remove your old account. You will then be able to click Add new bank account which will allow you to add new account.

Please be aware, making changes to your bank account will require verification. If we can’t do this electronically, We will contact you by email to inform you if there is any action required. This may increase the time it takes to verify your bank account.

Do you have enough available cash to cover your withdrawal request?

You need to have the money you wish to withdraw in cash. If you need to place trades to disinvest you can go to the summary page of your policy, click Manage your account and select Sell funds or Sell Shares. Follow this process step by step to disinvest from your funds. It may be worth bearing in mind that pending charges or market fluctuations may impact the amount of available cash you have. Please be aware that sells from funds can take up to five working days to complete. For help with buying and selling funds follow the Trading - How to buy/sell funds above.

Have you taken pension benefits elsewhere?

If you’ve already taken retirement benefits from another pension, we’ll need to know the percentage of Lifetime Allowance you’ve used.

The following steps will guide you through setting up your tax-free cash withdrawal one-off taxable payment.

Where to start

1. Log in to MyAviva and click Your Policies then select Investments. Here you should be able to see your pension. Click Manage account. 
2. On your pension summary page select Manage your account and then View account details.
3. On your account details page under New withdrawal select Review and Accept Withdrawal Illustration.

There are four steps to go through when setting up a withdrawal:

Step 1 of 4

There is important information on the withdrawals summary page regarding Pension Wise, your Lifetime Allowance and your investment choices. If this is your first withdrawal, or if you haven’t taken a withdrawal within the past 12 months, you will need to go through the Five things you need to consider pages. This will include information on tax, pension scams, sustainability, how your withdrawal could affect any means tested benefit and shopping around. Please take the time to read through this information.

Step 2 of 4

The amount you have available to withdraw will show on this page. To proceed onto the next step click Apply for a withdrawal. You will need to answer questions here regarding financial advice and Pension Wise. After completing these questions, you will then need to submit information about your desired withdrawal:

• 'From my pension, I want to take:' select Part of it
• 'I’d like to take it as a...' select Single lump sum
  • If you wish to take all your tax-free cash and a taxable payment, select All of my tax-free cash plus a taxable withdrawal you will then be able to confirm the amount of taxable income you wish to take
  • If you wish to take a partial tax-free cash withdrawal and a taxable payment, select Another specified amount, and submit the amount you wish to withdraw, then click Confirm. Then confirm you wish to withdraw it as A mixture of tax free and taxable income and confirm the amount of tax-free cash you want to withdraw
• You will now have to decide how you wish to move money into your drawdown account (For every £1 of tax-free cash you withdraw, £3 will move into your Pension Drawdown account). You will also be presented with information about how you can invest the money moving into your Pension Drawdown account. Take the time to read through this information. When you have made your selections, you can click Continue

Step 3 of 4

You will see a summary of your withdrawal request and then be asked for some information regarding your Lifetime Allowance and Lifetime Allowance Protection.

Step 4 of 4

Here you will be able to review the information you have submitted. If you are happy with the information on screen you can click Request my illustration. Clicking this button should take you to a confirmation page confirming we’ve received your request.

You will receive an email confirmation when your illustration is available to read. It’s important you take the time to read through your illustration and any other supporting documents you receive, before you commit to your decision.

You will be available to view your illustration online:

1. Log in to MyAviva and click Your Policies then select Investments. Here you should be able to see your pension. Click Manage account.
2. On your pension summary page select Manage your account and then View account details.
3. On your account details page under New Withdrawal select Review and accept withdrawal illustration.
4. If you decided to proceed with your withdrawal, you can click Proceed. You will receive an email confirmation once your payment has been set up, with timescales of when you can expect to receive your withdrawal. Supporting documents will also be available to read in your document library.

There are things you need to have in place before you can request a one-off taxable withdrawal. You need to have a verified bank account on file, and the money you want to withdraw should be in cash, and not invested in funds, shares or equity traded investments.

Are your bank details up to date?

Log into your MyAviva account and navigate to your Investment account. Select Manage your account next to any of your investment accounts which will take you to the summary page. On the summary page of your account select Manage your account and then View account details. 

From your account details page, select Your Account then Bank Details. On this page you should be able to see the bank details held on file. If you need to make any changes you can click Edit. If you wish to add a new bank account, you will need to click delete which will remove your old account. You will then be able to click Add new bank account which will allow you to add new account.

Please be aware, making changes to your bank account will require verification. If we can’t do this electronically, We will contact you by email to inform you if there is any action required. This may increase the time it takes to verify your bank account.

Do you have enough available cash to cover your withdrawal request?

You need to have the money you wish to withdraw in cash. If you need to place trades to disinvest from funds you can go to the summary page of your policy and click my options and then select Sell. Follow this process step by step to disinvest from your funds or shares. It may be worth bearing in mind that pending charges or market fluctuations may impact the amount of available cash you have. Please be aware that sells from funds can take up to five working days to complete. For help with buying and selling funds follow the Trading - How to buy/sell funds above.

The following steps will guide you through setting up a one-off taxable payment.

Where to start

1. Log in to MyAviva and click Your Policies then select Investments. Here you should be able to see your pension. Click Manage account.
2. On your pension summary page select Manage your account and then View account details.
3. On your account details page under New withdrawal select Start a new withdrawal.

There are four steps to go through when setting up a withdrawal:

Step 1 of 4

There is important information on these pages regarding Pension Wise, your Lifetime Allowance, and your investment choices. If this is your first withdrawal, or if you haven’t taken a withdrawal within the past 12 months, you will need to go through the Five things you need to consider pages. This will include information on tax, pension scams, sustainability, how your withdrawal could affect any means tested benefit and shopping around. Please take the time to read through this information.

Step 2 of 4

The amount you have available to withdraw will show on this page. To proceed onto the next step click Apply for a withdrawal. You will need to answer questions here regarding financial advice and Pension Wise. After completing these questions, you will then need to submit information about your desired withdrawal.

• 'From my pension, I want to take:' Select Part of it
• 'I’d like to take it as a…' Select Single lump sum
• 'The amount I’d like to take is:' Select Another specified amount
• 'How much would you like to withdraw in total?' Enter the amount you wish to withdraw
• 'Would you like to take it a:'' Select Taxable income only

Step 3 of 4

You will see a summary of your withdrawal request.

Step 4 of 4

Here you will be able to review the information you have submitted. If you are happy with the information on screen you can click Request my illustration. Clicking this button should take you to a confirmation page confirming we’ve received your request.

Where to start

1. Log in to MyAviva and click Your Policies then select Investments. Here you should be able to see your pension. Click Manage account.
2. On your pension summary page select Manage your account and then View account details.
3. On your account details page under New withdrawal select Start a new withdrawal.

There are four steps to go through when setting up a withdrawal:

Step 1 of 4

There is important information on these pages regarding Pension Wise, your Lifetime Allowance, and your investment choices. If this is your first withdrawal, or if you haven’t taken a withdrawal within the past 12 months, you will need to go through the Five things you need to consider pages. This will include information on tax, pension scams, sustainability, how your withdrawal could affect any means tested benefit and shopping around. Please take the time to read through this information.

Step 2 of 4

The amount you have available to withdraw will show on the Withdrawals summary page. To proceed onto the next step click Apply for a withdrawal. You will need to answer questions here regarding financial advice and Pension Wise. After completing these questions, you will then need to submit information about your desired withdrawal.

• 'From my pension, I want to take:' Select Part of it
• 'I’d like to take it as a…' Select Single lump sum
• 'The amount I’d like to take is:' Select Another specified amount
• 'How much would you like to withdraw in total?' Enter the amount you wish to withdraw
• 'Would you like to take it a:'' Select Taxable income only

Step 3 of 4

You will see a summary of your withdrawal request.

Step 4 of 4

Here you will be able to review the information you have submitted. If you are happy with the information on screen you can click Request my illustration. Clicking this button should take you to a confirmation page confirming we’ve received your request.

There are things you need to have in place before you can request a tax-free cash withdrawal. You need to have a verified bank account on file, and the money you want to withdraw should be in cash, and not invested in funds, shares or equity traded investments.

Are your bank details up to date?

Log into your MyAviva account and navigate to your Investment account. Select Manage your account next to any of your investment accounts which will take you to the summary page. On the summary page of your account select Manage your account and then View account details. 

From your account details page, select Your Account then Bank Details. On this page you should be able to see the bank details held on file. If you need to make any changes you can click Edit. If you wish to add a new bank account, you will need to click delete which will remove your old account. You will then be able to click Add new bank account which will allow you to add new account.

Please be aware, making changes to your bank account will require verification. If we can’t do this electronically, We will contact you by email to inform you if there is any action required. This may increase the time it takes to verify your bank account.

The following steps will guide you through setting up your regular taxable payment.

Where to start

1. Log in to MyAviva and click Your Policies then select Investments. Here you should be able to see your pension. Click Manage account.
2. On your pension summary page select Manage your account and then View account details.
3. On your account details page under New withdrawal select Start a new withdrawal.

There are four steps to go through when setting up a withdrawal:

Step 1 of 4

There is important information on these pages regarding Pension Wise, your Lifetime Allowance, and your investment choices. If this is your first withdrawal, or if you haven’t taken a withdrawal within the past 12 months, you will need to go through the Five things you need to consider pages. This will include information on tax, pension scams, sustainability, how your withdrawal could affect any means tested benefit and shopping around. Please take the time to read through this information.

Step 2 of 4

The amount you have available to withdraw will show on this page. To proceed onto the next step click Apply for a withdrawal. You will need to answer questions here regarding financial advice and Pension Wise. After completing these questions, you will then need to submit information about your desired withdrawal.

• 'From my pension, I want to take:' select Part of it
• 'I’d like to take it as a…' select Regular withdrawal
• 'How frequently would you like to receive your regular withdrawal?' select Monthly, Quarterly, Half yearly or Yearly
• 'When would you like your regular withdrawal to begin?' select As soon as possible, or if you have a specific date you would like your regular to start on, select Specify date
• 'How much would you like to withdraw in total?' Enter the amount you wish to withdraw
• If you have money in your pension (pre-retirement account) you may be asked if you would like to take any tax-free cash. You can select yes or no, as needed.
• After you have specified the amount you wish to withdraw, you will be asked to select a disinvestment strategy. If your money is invested in funds, you will be able to select which fund(s) you would like to automatically disinvest to pay your regular withdrawal.

Step 3 of 4

You will see a summary of your withdrawal request. If you are taking a tax-free cash withdrawal and setting up a regular withdrawal, you will need to answer questions around your Lifetime Allowance.

Step 4 of 4

Here you will be able to review the information you have submitted. If you are happy with the information on screen you can click Request my illustration. Clicking this button should take you to a confirmation page confirming we’ve received your request.

You will receive an email confirmation when your illustration is available to read. It’s important you take the time to read through your illustration and any other supporting documents you receive, before you commit to your decision.

You will be available to view your illustration online:

1. Log in to MyAviva and click Your Policies then select Investments. Here you should be able to see your pension. Click Manage account.
2. On your pension summary page select Manage your account and then View account details.
3. On your account details page under New withdrawal select Review and Accept Withdrawal Illustration.
4. If you decided to proceed with your withdrawal, you can click Proceed. You will receive an email confirmation once your payment has been set up, with timescales of when you can expect to receive your withdrawal. Supporting documents will also be available to read in your document library.

There are things you need to have in place before you can request a tax-free cash withdrawal. You need to have a verified bank account on file, and the money you want to withdraw should be in cash, and not invested in funds, shares or equity traded investments.

Are your bank details up to date?

Log into your MyAviva account and navigate to your Investment account. Select Manage your account next to any of your investment accounts which will take you to the summary page. On the summary page of your account select Manage your account and then View account details. 

From your account details page, select Your Account then Bank Details. On this page you should be able to see the bank details held on file. If you need to make any changes you can click Edit. If you wish to add a new bank account, you will need to click delete which will remove your old account. You will then be able to click Add new bank account which will allow you to add new account.

Please be aware, making changes to your bank account will require verification. If we can’t do this electronically, We will contact you by email to inform you if there is any action required. This may increase the time it takes to verify your bank account.

Do you have enough available cash to cover your withdrawal request?

You need to have the money you wish to withdraw in cash. If you need to place trades to disinvest from funds you can go to the summary page of your policy and click my options and then select Sell. Follow this process step by step to disinvest from your funds. It may be worth bearing in mind that pending charges or market fluctuations may impact the amount of available cash you have. Please be aware that sells from funds can take up to five working days to complete. For help with buying and selling funds follow the Trading - How to buy/sell funds above.

Have you taken pension benefits elsewhere?

If you’ve already taken retirement benefits from another pension, we’ll need to know the percentage of Lifetime Allowance you’ve used.

The following steps will guide you through setting up a one-off taxable payment.

Where to start

1. Log in to MyAviva and click Your Policies then select Investments. Here you should be able to see your pension. Click Manage account.
2. On your pension summary page select Manage your account and then View account details.
3. On your account details page under New withdrawal select Start a new withdrawal.

There are four steps to go through when setting up a withdrawal:

Step 1 of 4

There is important information on these pages regarding Pension Wise, your Lifetime Allowance, and your investment choices. If this is your first tax-free cash withdrawal, or if you haven’t taken tax-free cash from us within the past 12 months, you will need to go through the Five things you need to consider pages. This will include information on tax, pension scams, sustainability, how your withdrawal could affect any means tested benefit and shopping around. Please take the time to read through this information.

Step 2 of 4

The amount you have available to withdraw will show on this page. To proceed onto the next step click Apply for a withdrawal. You will need to answer questions here regarding financial advice and Pension Wise. After completing these questions, you will then need to submit information about your desired withdrawal.

• 'From my pension, I want to take:' Select All of it

Step 3 of 4

You will see a summary of your withdrawal request. If you are taking a tax-free cash withdrawal you will need to answer questions around your Lifetime Allowance.

Step 4 of 4

Here you will be able to review the information you have submitted. If you are happy with the information on screen you can click Request my illustration. Clicking this button should take you to a confirmation page confirming we’ve received your request.

You will receive an email confirmation when your illustration is available to read. It’s important you take the time to read through your illustration and any other supporting documents you receive, before you commit to your decision.

You will be available to view your illustration online:

1. Log in to MyAviva and click Your Policies then select Investments. Here you should be able to see your pension. Click Manage account.
2. On your account summary page select Manage your account and then View account details. 
3. From your account details page select Your account and then Document library.
4. In your document library, review your 'Full Withdrawal Illustration' and 'Withdrawing all the money in your pension' documents.
5. If you decide you want to proceed with your withdrawal, respond to the email you have received from our team and confirm that you’re happy to proceed with your full withdrawal. You will receive an email confirmation once your payment has been set up, with timescales of when you can expect to receive your withdrawal. Supporting documents will also be available to read in your document library.