There are a number of ways in which pension benefits can be accessed after you reach pension age, including purchasing an income for life (known as an annuity), withdrawing a lump sum or using your pension pot to provide a direct income via drawdown.

Moneybox offers the following options: you can access your Moneybox pension by either withdrawing a lump sum directly from it, or by receiving a tax-free lump sum from Moneybox and using the rest of your pension to purchase an annuity from a provider of your choice. Further details about these options can be found in our Key Features document.

We do not currently offer drawdown, where you are able to take a tax-free lump sum and income directly from your pension, but we can transfer out your pension to a provider that offers a drawdown facility - we’ll make this as smooth and quick as possible for you.