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Single income withdrawals option launched

Jun 29, 2017, 14:00 PM

More flexibility for your personal and group pension clients

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Single income withdrawals are available from our personal and group personal pensions to support the new pension freedoms. Later this year, we plan to offer even more features.

Single income drawdown facilities are here

Once your clients have designated to income drawdown by taking some tax free cash, they can access more money by taking single income withdrawals. Clients can take up to six single income withdrawals in any 12 month period:

  • cannot be automated – clients must request a withdrawal each time
  • can be requested at the same time as taking tax-free cash
  • will be taxed as income (the first withdrawal would be subject to the emergency tax rate, if we do not have their tax code)

We’ll tell customers that this facility is available when they contact us about accessing their pension through our Retirement Specialist Call Centre.

Find out more

More flexibility is coming soon

We have further features planned:

  • access for customers who are over 75 years
  • online viewing – drawdown transactions on My Aviva (as well as Aviva for Advisers)
  • new income drawdown annual statement design

We’ll keep you informed about all these developments as we launch them.

To find out if your client can benefit from the single withdrawals option or for more information, please speak to your usual Aviva contact.

SP57493 06/2017

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