You can start drawing down from your pension from the age of 55. The first 25% is tax free and the remainder is subject to tax.
Nutmeg offers flexible drawdown, this means you’re in control as you can choose how much of your pension pot you take and when you’d like to withdraw from it.
Starting the process is easy, just get in contact with us by Nutmail which you can access by selecting the envelope symbol from the desktop version or mobile version of your Nutmeg account. We will send you two forms; Nutmeg Benefit Payment Form Guidance and a Benefit Payment Form which you’ll need to complete and return to us by post.
You’ll also need to send an original bank statement confirming the bank account that you'd like the funds to be credited to for security purposes. Please send the statement to us along with the completed form. If you do not receive paper bank statements, please contact your bank and they will be able to send you one.
The address to send your documents to is:
Nutmeg Personal Pension
PO BOX 24065
Once we receive and process your forms and bank statement, we’ll then send you a Risk Warning Letter to sign and return. You can return the signed Risk Warning Letter to us by email.
Once all forms and bank statement have been received, we’ll process your drawdown as quickly as possible. Please be advised it may take a further 3-4 weeks for the requested funds to be received in your bank account.