Can I transfer my pension to my bank account?
Yes, you can transfer your pension funds into your UK bank account. The conditions and the entire process of transferring pension funds depend on your pension type. In addition, the rules governing your type of pension also affect this process.
The main steps for transferring a pension to a bank account:
Step 1: Check the terms and conditions of your pension in your pension scheme documentation. It is worth learning about all available withdrawal and transfer methods. Alternatively, you can contact your pension institution and clarify all the important details
Step 2: Consider the tax implications. In most cases you can receive up to 25% of your pension as a tax-free lump sum, anything above this limit will be taxed.
Step 3: Contact your pension institution to request a withdrawal or transfer of funds to your bank account. Be sure to provide bank account details, prepare special documents, and fill out forms.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 30,000 | 4.30% | 1,290 |
| 30,000 | 4.35% | 1,305 |
| 30,000 | 4.40% | 1,320 |
| 80,000 | 4.80% | 3,840 |
| 80,000 | 4.85% | 3,880 |
| 80,000 | 4.90% | 3,920 |
| 190,000 | 5.30% | 10,070 |
| 190,000 | 5.35% | 10,165 |
| 190,000 | 5.40% | 10,260 |
| 340,000 | 5.80% | 19,720 |
| 340,000 | 5.85% | 19,890 |
| 340,000 | 5.90% | 20,060 |
See the similar FAQ about the UK banks:
- How do I open a business account in Metro Bank online?
- How many times may a failed HSBC secure key be entered before it is locked
- How much does bankers draft cost in HSBC?
- How to open a bank account in Lloyds?
- How to open a business bank account with Lloyds?
- Lloyds business banking app
Details of companies offering the financial services:
Moneybox
Head office’s address: 1-2 Hatfields, London SE1 9PG
Phone: +44-330-808-1866
Web-site: https://www.moneyboxapp.com/
Nutmeg
Head office’s address: 2nd floor - Vox Studios, 1–45 Durham Street
Phone: 0203-598-1515
Web-site: https://www.nutmeg.com/
Penfold
Head office’s address: 12 Gatacre Street, Lower Gornal, Dudley, West Midlands, DY3 2NZ
Web-site: https://getpenfold.com/
PensionBee
Head office’s address: 209 Blackfriars Rd, London SE1 8NL
Contact center: +44 20-3457-8444
Web-site: https://www.pensionbee.com/
Vanguard Asset Management
Head office’s address: Level 4, The Walbrook Building, 25 Walbrook, London EC4N 8AF
Web-site: https://www.vanguardinvestor.co.uk/