Pension drawdown made easy
Making pension drawdown simple so it’s easy to start retirement the right way.
Easy to manage
Access your savings with a few taps online or via our in-app chat.
We'll process the withdrawal for you and everything you need is available online or through the app. No paperwork required.
Withdrawing with Penfold is free - there are no hidden charges for transferring or accessing your money.
Have a Nest pension? Find out how to withdraw from your Nest pension with Penfold.
Retirement the way you want it
Access your money however you like with Penfold.
Choose drawdown, an annuity or even taking a lump sum in one go.
Our service is completely flexible to your needs. Tweak your monthly withdrawals as often as you like, for free.
There are no minimum withdrawals or restrictions on how you spend your hard-earned savings.
Support with your retirement
Accessing your pension shouldn’t fall solely on your shoulders.
Our expert support team are on-hand to help you make the right decisions for retirement. We'll guide you through the entire process, step by step.
More benefits of our pension
Fund options
Hand-picked, diversified pension plans backed by BlackRock and HSBC that help grow wealth.
Charges & fees
We hate hidden charges. That’s why we have one fee that covers absolutely everything within our service.
Single savings view
Combine pensions into one account to see total pension savings and get a clear view of projected retirement lifestyle.
Protection
Peace of mind that savings are FSCS protected and invested by some of the largest money managers in the world.
Pension withdrawal FAQs
25% of a pension can be withdrawn completely tax-free, any further withdrawals will be taxed as income and charged at the individual’s marginal tax rate.
Find out more about pension withdrawal tax
For most people, when they can access their pension depends on the type of pension and their age. For most, the retirement age for private pensions is 55, rising to 57 in 2028. This includes defined contribution workplace pensions.
Find out more about when pension withdrawals can start
- Let us know: Get in touch with us online or via our in-app chat and tell us you'd like to go into drawdown. We'll start the process immediately.
- Pick how you'll withdraw: Decide how you'd like to access your money. Get access to our expert withdrawal guides and resources to make the right decision for you.
- Confirm your details: Your security is our priority. Sign our documents digitally, confirm where you'd like to receive your withdrawals and your bank account details.
- Enjoy your retirement: Once we've processed all your information, you'll start to receive your pension payments into your chosen bank account. This normally takes a few weeks.