Retirement redefined.
Consolidate your pensions, access tax-free cash and set up a flexible retirement income – all while being invested.
Your money. Your life. Your way.
Let's redefine retirement.
Launching soon
Apply to join
Consolidate your pensions, access tax-free cash and set up a flexible retirement income – all while being invested.
Your money. Your life. Your way.
Let's redefine retirement.
Apply to join
We’ll take you through some considerations to make sure MyTime is right for you then ask you to enter personal information to verify your identity.
Next, we ask you to select the best income strategy for you. You can choose to just invest it until you decide how to use it. Or invest it with the aim of getting a monthly income.
Once you've activated a plan, we’ll guide you through the process of transferring your pensions to us.
Please note we can only accept defined contribution (DC) pensions. We can't accept defined benefit (DB) final salary pensions.
When each pension transfer is completed, we’ll automatically pay out your full tax-free cash allowance.
That’s up to 25% of the value of your pension pot - assuming you haven't taken any money out before.
We will then invest the balance of your pension savings in accordance with the plan you selected.
You can choose to leave it as is or when you're ready, setup a regular income.
When your pension transfers are complete, you can set up a sustainable monthly income.
We’ll do the calculations, factor in annual increases and set it all up so you get paid automatically. Month after month.
Every month you'll get an income payment. We'll automatically deduct any taxes, so you're not caught out.
And every year, we aim to increase your income to counteract the effects of inflation. It's that simple.
MyTime is designed to be flexible. Because who knows what the future holds.
If you need a little extra cash or want to change your investments to better suit your needs, we can do that.
But you still want to make a sound financial decision for your retirement.
MyTime is for you.
And just want a simple, straightforward solution with clear outcomes.
MyTime is for you.
Instead of being locked in too early with no flexibility to then change your mind.
MyTime is for you.
Then clearly this is resonating - you're making a great choice!
MyTime is for you.
You are age 55 or older.
You have a UK bank account.
You are a British Citizen with a UK address.
You have at least £30,000 in pension savings.*
We accept money from defined contribution pensions including personal pensions, SIPP's, GPP's and Master Trusts.
We don't accept Defined Benefit Final Salary Schemes or pensions with any guarantees whether that be guaranteed annuity rates or protected sums such as tax free cash.
Pension savings:
Age:
Jane plans to retire soon but doesn’t qualify for the full state pension. She’s also concerned about being locked into an annuity too early and not having the flexibility to change her mind.
She opted for the MyTime High Income Plan. This will give her a flexible income, while keeping some money saved for later in life and for a rainy day.
Pension savings:
Age:
Eddie is still working but wants to access his tax-free cash and keep the rest of the money invested so it continues to grow. He’s planning to retire in about 5-7 years and will then set up an income.
Eddie opted for the MyTime Growth Plan. This will invest his money in a diversified set of assets with the aim of achieving some growth while keeping risks low.
Pension savings:
Age:
Marvin has started receiving his state pension. He's now looking for a simple way to get tax-free cash and then set up an additional income stream to top up his state pension benefits.
Marvin opted for the MyTime Medium Income Plan.
Pension savings:
Age:
Sandra's been retired for a few years and has already taken out some tax-free cash. She has a few pension pots with different providers and now wants to consolidate them to buy an annuity and get a guaranteed fixed income for the rest of her life.
Sandra opted for the MyTime Annuity Path Plan.
The at-retirement space is confusing and scary. At a time of your life when you should be winding down, you’re instead getting wound up by endless options and the risk of making the wrong choice.
And to make matters worse, getting financial advice is often unaffordable. So you’re left on your own to figure it all out. And that's not right.
We’ve spent years researching, designing and finally building a solution which offers you simple choices and clear outcomes at a low cost – with the flexibility to change your mind and adapt as needed.
Your money. Your life. Your way.
It is a personal pension designed to create a sustainable income in retirement. The pension fund is segmented using a four-pot model. In the first phase, the immediate income pot is used to draw down funds to pay an income. Then, the later life pot is used to buy an annuity, secured income, at the right time.
We only accept pensions without existing guarantees. We don’t accept a final salary defined benefit transfer, a pension with a guaranteed annuity rate, or pensions with protected benefits.
Yes, you can transfer crystalised and uncrystalised pensions from other pension providers.
You can still pay money into your pension in the future, but once you start to draw an income, you’ll trigger the money purchase annual allowance (MPAA). This means you’ll be subject to tax charges if you contribute more than £10,000 to any defined contribution pensions in a tax year. My Time Pension cannot accept regular contributions, so you’ll need to set up another pension plan if you wish to pay money into.
An uncrystallised funds pension lump sum (UFPLS) allows you to take one or more lump sums directly from your pension. My Time Pension operates like a full drawdown, enabling you to keep your pension invested and take a flexible income from a drawdown pot. The most significant difference is how they’re taxed. When you move your money into My TIme Pension (drawdown), you can take 25% of the total amount you are moving out of your accumulation pot as a tax-free lump sum. With a UFPLS, 25% of the payment is tax-free, and you are taxed on the remaining 75%
Yes, but once you’ve taken your tax-free cash sum of 25% of the value of your pension fund(s), you’ll be taxed on the remaining 75% at your highest marginal rate of income tax. It's worth considering that there are limits on how much of your pension can be paid tax-free. There is also a limit on the 25% that can be paid tax-free during your lifetime from all of your pensions, and in 2024/2025, it’s £268,275. You should remember that your pension is also meant to support you throughout retirement. We will help you manage your money to avoid running out.
There are a few other ways to take money from your pension. You have access to the Rainy Day pot, designed for one or two withdrawals a year and a Legacy Pot, designed for your family when you die. However, money can be withdrawn from either pot at any time. Also, you can buy an annuity that gives you a guaranteed income for life. Or you take all of it as a lump sum.
Before making any decisions about your pension, getting expert advice is a good idea. You can find an independent financial adviser at Unbiased (www.unbiased.co.uk). There is usually a charge for advice.
