1. Home
  2. Start or change a payment from an existing Income Release plan

Start or change a payment from an existing Income Release plan

​

Before you start

This form is intended for adviser use only and should only be used for submitting payment requests based on regulated financial advice. If you are not providing regulated financial advice, please have your client complete the customer form (opens in a new window).

This form can be used for one-off tax-free cash payments or for setting up or changing monthly income requests.

If your client is using capped drawdown, wants to receive income at a different frequency, have their monthly income automatically increased each year (e.g., by RPI), or wants to use the “income tap” facility, please do not use this form. Instead, get in touch with us by calling 0345 850 8953.

We aim to start processing a submitted request within 5 working days. It will then take a further 3-5 working days for any payment to reach your client’s account.

 

To speed things up, please have this information ready before you start:

  • Your firm’s contact details (including agency number) and your client’s contact details
  • Your client’s policy/plan number
  • Your client’s National Insurance number
  • Your client’s bank details
  • Information about your client’s remaining Lump Sum Allowance (if requesting tax-free cash).

We may also need to complete electronic identification checks to verify your client's identity. Please ensure you have their consent before proceeding.

 

Start request

All fields are mandatory unless marked as (optional).

All information collected on this form will be used to process this request. For details on how we use this information, including any client-related data, please read our privacy policy (opens in new window) or listen on 0800 085 8352.

 

Before you begin, can you confirm that you are a financial adviser (or an agent acting on their behalf) and that this request is based on regulated financial advice?

1. Important Information

If this request involves taking a taxable income payment for the first time or requesting a tax-free cash payment, a Key Features Illustration (KFI) should have been provided to your client to show the impact on their remaining pension savings.

Have you provided your client with an illustration?

We will issue an illustration when processing your request and will require your confirmation that this has been provided to your client before we start to process this payment request.

If yes, what system did you use?

2. Your Details

 

Adviser Information

3. Type of payment request

4. Payment Request Details

Before completing this request, please ensure there is enough money in your client's plan to cover the income payment, as insufficient funds will cause delays in processing the request.

What request are you submitting?
Does your client want to take the maximum tax-free amount available?
What type of monthly payment would your client like to request?

When requesting a combination of tax-free and taxable income payments, the tax-free part must be at least 25% of the total payment. Both types of payments will be made at the same time each month.

Please input the gross (before tax) sum you wish to receive over a full year. For example, if you are requesting £1,000 (before tax) each month, please enter this as £12,000 (i.e. £1,000 * 12 months)
If there is no tax-free element, please put 0 below.

If you select 6th, 7th,8th or 9th of the month, there may be instances when a tax deduction is higher than you expect, due to 2 payments falling in one tax month. If the payment date falls on a bank holiday or weekend we pay the working day before.  Tax Rebates due from these instances will often be applied in the following month. Please contact us by phone for further information if required.

Where stopping income, enter the first month where there should not be a payment.
If you selected 'no', please tell us how much your client would like to take
If this is your client’s first taxable income payment, this will trigger the Money Purchase Annual Allowance (MPAA) and it is your client’s responsibility to inform other Providers within 91 days of doing so.
You can choose between 1st to 28th of the month.

If you select 6th, 7th,8th or 9th of the month, there may be instances when a tax deduction is higher than you expect, due to 2 payments falling in one tax month. If the payment date falls on a bank holiday or weekend we pay the working day before.  Tax Rebates due from these instances will often be applied in the following month. Please contact us by phone for further information if required.

Does your client want to specify a target age for this payment to stop? Although your client may be taking some of their pension savings immediately using Income Release, their ‘target age’ is the age they may want to consider alternative retirement options. For example, using the rest of their pension savings to buy a secure income for life (often called an ‘annuity’). If you respond ‘No’ we will assume age 75 but you can change this at any time.
Does your client want to specify a target age for this payment to stop? Although your client may be taking some of their pension savings immediately using Income Release, their ‘target age’ is the age they may want to consider alternative retirement options. For example, using the rest of their pension savings to buy a secure income for life (often called an ‘annuity’). If you respond ‘No’ we will assume age 75 but you can change this at any time.

If they are unsure or haven’t decided yet, please use age 75. If left blank, we’ll use age 75. If they’d like to change their chosen target age in the future, just get in touch.

To the best of your knowledge, can you confirm that taking this payment will not cause your client to exceed their Lump Sum Allowance?
To the best of your knowledge, can you confirm that taking this payment will not cause your client to exceed their Lump Sum Allowance?
To the best of your knowledge, can you confirm that taking this payment will not cause your client to exceed their Lump Sum Allowance?

For support, give our service team a call on 0345 850 8953. Lines are open 8am to 6pm, Monday to Friday, excluding bank holidays.

Should this payment be made in the current tax year?

We will process the payment early in the new financial year but cannot guarantee a specific date. A confirmation email will be sent once the payment has been processed. 

The request must have reached us by 25/03/2025 to guarantee any payment in the current tax year. A confirmation email will be sent once the payment has been processed.

Please check any figures and dates you have typed into this form before you press the “Next” button.

5. Your client's details

We’ll check the information you provide against our records to verify their identity and process this request.

Title

6. Your client’s payment details

Please proceed to the next step.

Please provide details of the bank account to which payment should be made.

Please note that the account must be in your client's name (or joint names if its a joint account) and must not be a business account, Post Office account, Individual Savings Account (ISA), or overseas bank account.
Must be 6 digits long
Must be 8 digits long

7. Verifying your client’s identity

We may need to complete identity checks for your client to comply with money laundering regulations. This process will be done digitally, and no additional information or documentation is required unless we ask for it. For more details on how we process your client's data and the third parties we may work with, please refer to our privacy notice.

Can you confirm that we have your client’s consent to complete these checks?

Give our service team a call on 0345 850 8953. Lines are open 8am to 6pm, Monday to Friday, excluding bank holidays.

8. What to expect next

Before submitting, you should be aware that:

  • Where the request is for income to be stopped, you will receive a confirmation email once this has been actioned.
  • For a first-time taxable income payment or any new or increasing tax-free income payment, we'll need your email confirmation that your client is comfortable with the information in the illustration before continuing to process the request
  • For repeat taxable income payments or if no additional tax-free allowance is being used, we'll process the request and create an illustration for your records without needing further confirmation.
  • If tax becomes payable by your client either due to (i) them recycling tax-free cash or (ii) incorrect information being provided by you (on their behalf) in section 4 of this form, your client will be responsible for paying any tax penalty that may be imposed by HM Revenue & Customs, or they will be required to reimburse Royal London for any tax penalty we may incur.  Please make sure that your client is aware of, and accepts, this before you submit the request.

Once submitted, we'll start processing your client’s request within the next 5 working days. Once processed successfully, it will then take an additional 3-5 working days for any one-off payments to reach your client's account.

In most cases, we'll contact you about this request using the email address you provided in this form. Please check your spam/junk folder and respond promptly to avoid any delays in processing.

Please confirm that the information and every answer you’ve provided in this form is correct and complete to the best of your knowledge and belief. Please also confirm that you have read and accept the information provided above.