Total and Multiple Withdrawal Retirement Options

With the new ‘Freedom & Choice’ pension changes, there are two ways of cashing in your retirement savings. This pages provides an explanation about how taking out money from your retirement savings affects your future.

Watch our short video

How it effects your future


Total and Multiple Withdrawal Retirement Options leaflet and presentation

Would you like more information?

PDF Leaflet

Total and Multiple Withdrawal Retirement Options



Total and Multiple Withdrawal Retirement Options

View Presentation

Understanding the BasicsKPS-MP
The Kingfisher Pension Scheme – Money Purchase Section

The Kingfisher Pension Scheme – Final Salary Section

Linked KPS-FS and KPS-MP Pension
Benefits within both the Final Salary and Money Purchase sections of the Kingfisher Pension Scheme.

Retirement Account
This is the fund account where your contributions are paid into each month and then invested.

Total Withdrawal
This is where you take all of your retirement savings as a one off taxable cash sum. 25% of the cash sum will be tax free however the remainder will be liable for income tax.

Multiple Withdrawal (or Flexi-Drawdown)
A flexible income you can change. This option lets you take some or all of your tax-free cash, leaving the rest of your retirement savings invested to take an income from if you want to. You don’t need to take an income at all but if and when you do, you can take a regular flexible income, one-off withdrawals or both – but only until the money runs out.

Retirement savings
The pot or pots of money saved for your retirement which you can access from 55 or over. This includes money paid in from you and your employer to defined contribution or money purchase plans.

State pension
The State Pension is a regular payment from the government you can get when you reach State Pension age. To get it you must have paid or been credited with National Insurance contributions. You’ll get your State Pension under the current scheme if you reach State Pension age before 6 April 2016. If you reach State Pension age after this date, you’ll get your State Pension under the new scheme.

Selected retirement age (SRA)
This is the age you expect to retire. Currently, the Scheme’s default selected retirement age is your anticipated State Pension age.

Tax-free cash
Money taken from your retirement savings as cash when you use your Retirement Account to buy an annuity or a drawdown. From the age of 55 you can usually take up to 25% of your retirement savings as tax-free cash.

UFPLS (uncrystallised funds pension lump sum)
This is a cash lump sum which is paid straight from your retirement savings without moving into drawdown or by buying an annuity. 25% of the money taken as ‘uncrystallised funds’ will normally be tax-free, and the rest will be subject to income tax.