Pension Withdrawal Request

Independent Financial Advisers are required to have proper regard for a client’s best interests in any advice given. They must, therefore, do their utmost to ensure that they are aware of your personal and financial circumstances so that their advice is the most suitable for your needs.

The questions here have been specifically designed to help your adviser provide advice that meets your needs. If, for any reason, you decline to answer any or all of the questions or if you fail to provide true and accurate information to the best of your knowledge, the advice given subsequently may not be best advice, as it can only be based on the information provided.

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You have been in touch with us to request a withdrawal from your policy. We require from you in order to process your request the following information to be completed and returned and all supporting documents signed and retuned before any withdrawal is processed on your behalf.

Please can you confirm your total expected income from all sources for the tax year from 6th April 2024 to 5th April 2025.

"*" indicates required fields

Self Employed Income/Profits = sales and takings, minus purchases and expenses.
Authorised Unit Trusts -OEICS -Investment Trusts – Payment Protection PPI Compensation Payments ) If Joint Account Only Enter 50 % of Interest Received
Direct Saver – Easy Access Savings Accounts EASAs - Income Bonds -Investment Accounts Interest Received From Payment Protection PPI Compensation Payments -Interest Paid on Private Loans -Bank and Building Society Accounts and Other Deposit Takers Including Where you Have Completed The R85 Form.
Jobseekers Allowance – Taxable Employment Support Allowance – Taxable Carers Allowance -Taxable Incapacity Benefit etc.
e.g. Commissions , Tips etc.
This box will be auto-calculated
Do you expect any additional income in the tax year from April 6th 2024 to April 5th 2025?*
Do You Expect to Make Gift Aid Payments ( directly ) In this tax year?*
Are you in receipt of the marriage allowance ( extended personal allowance £1,250 plus £12,500 = £13,750 )? This benefit must be claimed directly via HMRC annually.*
Money Purchase Annual Allowance

You can get tax relief on pension contributions up to £60,000 a year or 100% of your taxable salary. But if you start taking money from a defined contribution pension scheme, the amount you can pay into a pension and still get tax relief reduces. Currently you can pay up to £60,000 a year (or 100% of your salary) into a pension scheme and get tax relief on your contributions. This is known as your Annual Allowance. However, if you start to take money from a defined contribution pension, the amount you can pay into a pension and still get tax relief reduces. This is known as the Money Purchase Annual Allowance or MPAA.

As a basic guide, the main situations when you will trigger the MPAA are:

  • If you take your entire pension pot as a lump sum or start to take ad-hoc lump sums from your pension pot
  • IIf you put your pension pot money into a flexi-access drawdown scheme and start to take an income
  • IIf you buy an investment-linked or flexible annuity where your income could go down
  • IIf you have a pre-April 2015 capped drawdown plan and start to take payments that exceed the cap

The MPAA won’t normally be triggered if:

  • IYou take a tax-free cash lump sum and buy a lifetime annuity that provides a guaranteed income for life that either stays level or increases
  • You take a tax-free cash lump sum and put your pension pot into a flexi-access drawdown scheme but don’t take any income from it
  • You cash in small pension pots valued at less than £10,000

The MPAA only applies to contributions to defined contribution pensions and not defined benefit pension schemes. The MPAA is £10,000 for the 2024/25 tax year.

Please confirm the account details that you would like the funds to be paid into. We will contact you to confirm the details once received to confirm the request.

Consent
Consent
Consent
Consent
You can click here to access the P55 Tax Reclaim Form from the Useful Downloads section of the Clifford Osborne website.
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