ARE YOU SURE?Following the introduction of new pension rules on 6 April 2015, there are now more options than ever before for using the money you have built up in your pension.

The decision about what to do with your savings is entirely yours, but some decisions at this stage are irreversible.

Withdrawing your pension savings in one go could affect the income you have available for the rest of your life. That’s why our industry regulator, the Financial Conduct Authority, requires us to give you the information you need to help you decide whether the Total Withdrawal of your Pension Account is appropriate for your circumstances.

The purpose of this leaflet is to summarise the relevant pros and cons and let you know where you can find further important information.

WhERE tO gO fOR AdvicE And gUidAncE • The decisions you make now will influence your retirement income for the rest of your life. We recommend that you discuss your retirement

plans with your Financial Adviser. If you do not have a Financial Adviser you can find one at www.oldmutualwealth.co.uk/find-an-adviser• At the very least you should take advantage of the Government’s free Pension Wise guidance service which is accessible at

www.pensionwise.gov.uk

WhAt YOUR REqUESt invOlvES• Cashing in your pension plan/account and taking all your savings in one go subject to any tax deductions. (See the accompanying

document: ‘Taking tax into account’).

• Non UK Tax – If you are subject to tax in any country outside the UK, please contact your tax specialist, to understand whether you will be liable for tax in that country.

AdvAntAgES• You receive a one-off lump sum, less tax, when you need it. • It could enable you to put off taking other pension income available to you in cases where doing so could be beneficial, (such as better

terms for deferral, guaranteed terms or waiting until any early encashment charge period has expired.)• If you use the sum to reduce debts, you will have more disposable income.

ToTAl WIThdrAWAl oF YOUR PEnSiOn AccOUnt

www.oldmutualwealth.co.ukCalls may be monitored and recorded for training purposes and to avoid misunderstandings.

old Mutual Wealth is the trading name of old Mutual Wealth limited which provides an Individual Savings Account (ISA) and Collective Investment Account (CIA) and old Mutual Wealth life & Pensions limited which provides a Collective retirement Account (CrA) and Collective Investment Bond (CIB).

old Mutual Wealth limited and old Mutual Wealth life & Pensions limited are registered in England and Wales under numbers 1680071 and 4163431 respectively. registered office at old Mutual house, Portland Terrace, Southampton So14 7EJ, United Kingdom.

old Mutual Wealth limited is authorised and regulated by the Financial Conduct Authority. old Mutual Wealth life & Pensions limited is authorised by the Prudential regulation Authority and regulated by the Financial Conduct Authority and the Prudential regulation Authority. Their Financial Services register numbers are 165359 and 207977 respectively.

VAT number 386 1301 59.

SK11054/217-0554/June 2017

diSAdvAntAgES• Taking your money from your pension as a lump sum can be an irreversible decision but if this is the first time you have accessed your

pension you have a 30 day cancellation period in which you can change your mind, if you have accessed your pension previously you cannot change your mind once the money is paid to you.

– You may have to pay more tax than you expect on this withdrawal if the taxable portion (normally 75%) lifts you into a band where higher rates of income tax apply. (See the accompanying document: ‘Taking tax into account’.)

– depending on the terms of your pension contract there may be extra charges if you cash it in too early. Check your annual statement to see if this is the case; if the ‘transfer value’ is lower than the ‘fund value’, that’s because there are still outstanding charges.

• having this amount of money in your possession may have a detrimental effect on any means-tested state benefits you are receiving e.g. housing benefit or pensions credit. More information about this is available at: https://www.gov.uk/government/publications/pension-flexibilities-and-dwp-benefits

• having this amount of money in your possession may increase your inheritance tax liability. • If you spend your pension savings too early, you and any dependants you have at that stage, may not have anything to live off other than

your state pension. • Investment returns outside pensions may not be as advantageous as keeping the money in your pension.• Taking this money will restrict any future pension contributions you may want to make to any Money Purchase pension to £4,000 a tax year*.• If you are thinking of reinvesting elsewhere to achieve better returns, be wary of scams. If an investment proposition appears to give much

better returns than your pension, it may be too good to be true. To avoid the risk of losing your money, ensure the provider or adviser is regulated by the Financial Conduct Authority. For further information about potential scams, please visit ScamSmart at http://scamsmart.fca.org.uk/

AltERnAtivES YOU cOUld cOnSidER• Withdrawing the required amount from any other savings/investments you may have (unless charges are made for withdrawals).• Taking up to £30,000 in a more tax-efficient way, using what is called ‘small pots’ regulations. (Find out more about ‘small pots’ on our

website - details below) • Taking a partial withdrawal of your pension account, if this is available under the terms of your contract. To check if it is, refer to our

website at www.oldmutualwealth.co.uk/existing-pension-customer• Taking any tax-free cash entitlement available from other pensions you may have• reconsider whether you need to take this action at this time

AdditiOnAl infORmAtiOn AvAilAblE fROm Old mUtUAl WEAlth• Please read the enclosed tax factsheet; ‘Taking tax into account’, which provides details about the tax implications of pensions withdrawals. • You can also visit www.oldmutualwealth.co.uk/pensions2015 to find further support, including: – Factsheets on further withdrawal options – New choices – New retirement opportunities - A guide to the pension reforms and the new options available to you. – Fuller details on tax on pension withdrawals, available in our reference document: ‘A guide to income tax and your pension’.

* The MPAA of £4,000 each year is not yet in legislation. The government intended to reduce the MPAA to £4,000 from 06/04/2017, but when the 2017 general election was called they decided not to proceed with the reduction until a later date. It is not clear when the MPAA will now be reduced, or from which date a reduced MPAA will apply. You should not rule out the possibility that the government will make a change to the MPAA in the future that applies from 06/04/2017 as originally planned.

The decision is yours: This factsheet is designed to help you understand the issues you should consider when deciding whether a Total Withdrawal of your Pension Account is appropriate to your personal circumstances and is your best course of action. It is not intended to provide you with advice as to the action you should be taking.