MyTime offers a solution for clients with pension pots between £30,000 – £250,000 who may not be able to afford financial advice.
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Compliant with the latest regulations and underpinned by industry-leading technology, MyTime is designed for customers to self-serve when we are authorised by the FCA.
We'll take clients through a risk assessment in line with legislation for accessing and using their pension savings.
Your clients will have the option to choose one of four investment pathways – as part of their investment choices - in accordance with regulations.
Our proprietary income plans offer clients a clear investment strategy with pre-defined, sustainable income – all calculated and setup for them.
We're integrated with Origo for simpler, faster transfers – all supported by a team of transfer specialists to resolve any issues and handle manual processes if required.
Assigned advisers to clients and monitor every stage of a client's onboarding progress and stage of retirement – with access to important information and documents.
Help your clients achieve better outcomes with a solution consistent with Consumer Duty and designed with the new targeted support regime in mind.
Designed from the ground up to be as easy to manage decumulation and drawdown as daily banking.
Clients can choose to just invest their money (using pathways) or invest with a pre-defined income built in.
Each pension transferred will be crystallised automatically to pay out tax-free cash almost instantly.
With our proprietary income plans, clients can simply switch on an income schedule in minutes.
We'll handle the paperwork, taxes, and monthly payments – and we'll handle annual increases too.
Built to be flexible so clients can request additional cash or change their investments to suit their needs.
are age 55 or older
have a UK bank account
are a British Citizen with a UK address
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.
Create a new client on the system and invite them to setup their MyTime account
Generate illustrations to assist them in choosing an investment plan
Add policy details of their pension savings to help make the transfer process smoother
Monitor their onboarding progress and help them with future decisions
Undergo a risk and considerations questionnaire as per regulation
Verify their identity (KYC/AML) and bank account details (BAV)
Select and activate their preferred investment plan - possibly with your guidance
Add and approve the transfer of relevant pensions to MyTime
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.
