Introducing our self-select pension access service
If you're a pension scheme trustee or third-party administrator, you may have a number of members approaching retirement who want to access their pension savings but aren’t able to do so with your scheme.
Our self-select pension access service helps members access their tax-free lump sum, and invest the rest of their pension savings in a Personal Pension Account.
The service gives members the information they need to help them select the most appropriate investment fund to suit their circumstances. The investment funds are managed by BlackRock.
How the service works
- The self-select pension access service helps pension scheme members access their tax-free lump sum and invest the rest of their pension savings into a Personal Pension Account.
- Members can decide how much of their tax-free amount they’d like to take up front - normally up to 25% of their total pension savings up to the lump sum allowance limit, which is normally £268,275. This limit may be higher if the member has protection from the lifetime allowance.
- For their remaining pension savings, there’s a choice of investment funds managed by Blackrock through our investment pathways tool.
- The service doesn’t provide advice, but instead gives members the information they need to help them select the fund that best matches their objectives, appetite for investment risk and capacity for loss. There’s also a telephone support team of retirement specialists on hand to answer any questions.
- Once their Personal Pension Account has been set up, customers can make regular or one-off payments into their plan, and transfer in money from any other pension arrangements they may have.
- And when they’re ready to use the rest of their pension savings, they can take one-off taxable lump sums or regular drawdown income. Before they take an income, we always recommend they seek financial advice.
Benefits to you
- Knowledge that members are able to access their tax-free lump sum and invest the rest of their pension savings in an investment fund that is best suited to their needs and circumstances, provided by BlackRock.
- Peace of mind that members will receive educational content and support designed to prevent them from suffering detriment by making uninformed decisions.
- A service that’s quick to deploy and can be integrated with your processes.
Benefits to the member
- The ability to access their tax-free lump sum, and guidance on how to select an appropriate investment fund for the rest of their pension savings.
- Educational content to help them fully understand the options available and make informed choices, with telephone support available from a team of retirement specialists.
- A choice of investment funds designed for people who are approaching or in retirement.
- A dedicated case-handler to support them through the application process and provide regular updates until the transfer is complete.
- The ability to consolidate other pension savings and make regular payments into their plan.
- The ability to take one-off taxable lump sums or regular drawdown income from their plan.
The self-select pension access service is provided by HUB Financial Solutions.
