Elevate Pension Reviews, Transfers, Drawdown and More

Elevate is a sophisticated investment platform designed specifically for financial advisers to manage their clients' wealth. Originally launched by AXA and later acquired by abrdn (formerly Standard Life), Elevate has established itself as a "best-in-class" solution for those who want a transparent, efficient way to manage their retirement savings under professional guidance.

In 2026, Elevate remains a key pillar of the abrdn platform suite, recognised by Defaqto as one of the most recommended personal pension plans for its technical capabilities and flexible income tools.

If you are wondering whether Elevate is the right plan option for your pension investments, get in touch below and one of our independent financial advisers will assess this.

Who is Elevate / abrdn?

Elevate is an "intermediary-only" platform, meaning it is built for use by Financial Advisers rather than direct "DIY" investors. In 2026, it is owned and operated by abrdn, benefiting from the group's massive scale and investment in technology. It is designed to be a "simpler way to do more," offering a unified view of a client's entire portfolio.

Elevate Pension Products

The core pension offering on the platform is the Elevate Pension Investment Account (PIA).

• Whole-of-Market Access: Unlike restricted providers, Elevate allows your adviser to choose from thousands of funds, including low-cost trackers, actively managed funds, and abrdn’s own "MyFolio" range.

• Consolidated Viewing: The platform allows you to see your pension alongside ISAs and General Investment Accounts (GIAs), providing a single "birds-eye view" of your total net worth.

• Tiered Charging: Elevate uses a "portfolio" charging structure. This means the percentage you pay decreases as your total balance across all wrappers grows:

  • £0 – £150k: 0.30%

  • £150k – £1m: 0.25%

  • £1m – £2.5m: 0.20%

  • £2.5m – £5m: 0.15%

Putting an Elevate Pension into Drawdown

Elevate is widely regarded for its "Regular Drawdown" functionality, which is one of the most flexible in the 2026 market.

• Flexi-Access Drawdown: You can move all or part of your pot into drawdown, typically taking 25% as tax-free cash (PCLS).

• Automated "Regular Drawdown": A standout feature is the ability to automate a monthly income that is a specific blend of tax-free cash and taxable income. This allows your adviser to "shape" your income to perfectly fill your personal tax allowance without overpaying HMRC.

• Pre-Funding: Elevate can "pre-fund" your tax relief and investment switches, meaning your money spends less time out of the market during administrative changes.

Alternatives to Drawdown

• UFPLS (Uncrystallised Funds Pension Lump Sum): A simple way to take "chunks" of cash directly from your pension. Each chunk is 25% tax-free and 75% taxable.

• Capped Drawdown Transfers: Elevate still supports the transfer and management of older Capped Drawdown arrangements, with automated tools to convert them to Flexi-Access if needed.

Reviewing an Existing Elevate Pension

If you have held an Elevate account for several years, a review is essential:

1. Portfolio Scan Updates: abrdn recently enhanced its "Portfolioscan" tool, which provides deeper insights into performance and reliability. A review ensures your reports are accurate and up to date.

2. Family Linking: If your spouse or children have investments, you can "link" your accounts to qualify for a lower fee tier based on your combined value.

3. Interest Rate Audit: With the Bank of England base rate fluctuations, Elevate pays tiered interest on cash (e.g., 70% of the base rate when it is between 2% and 5%). A review ensures you aren't holding too much low-earning cash.

Transferring To and From Elevate

Transferring INTO Elevate

Elevate is designed as a "consolidation hub."

• The Process: Your IFA can initiate transfers from old workplace or personal pensions. Elevate uses the Origo electronic network, meaning most cash transfers complete within 10 to 15 working days.

• In-Specie Registrations: They allow you to move your actual fund holdings without selling them, preventing you from being "out of the market."

Transferring OUT of Elevate

• Simple Exit: Because Elevate is a modern platform, there are typically no exit fees for transferring your cash or investments to another SIPP or provider.

• Electronic Portability: You simply provide your new provider with your Elevate account number, and the process is managed in the background.

Pros, Cons, and Customer Reviews (2026)

The Pros

• Tax Shaping: Best-in-class regular drawdown tool for tax efficiency.

• Award-Winning: Frequently cited as a top-3 most recommended platform by advisers in 2026.

• Clear Pricing: Tiered structure with no hidden "exit" or "switching" charges.

• Digital Excellence: Same-day tax-free cash payments are often possible once authorised.

The Cons

• No DIY Option: You cannot open or manage an Elevate account without an Independent Financial Adviser.

• Complexity: The platform is a professional tool; the interface is designed for advisers and can be overwhelming for a casual user.

What Customers and Professionals are Saying

"For clients who want a truly tailored income, Elevate’s drawdown tool is hard to beat. It saves hours of manual calculations and ensures they never pay a penny more in tax than they have to." — Professional Adviser Review, Jan 2026

How Our IFA Service Can Help

At Money Helpdesk, we connect you with Independent Financial Advisers (IFAs) who are experts in the Elevate platform.

Our IFAs provide:

1. Platform Comparison: We determine if Elevate is the right fit or if a different platform (like Quilter or Transact) offers better value for your specific needs.

2. Custom Portfolio Design: Using Elevate’s whole-of-market access to build a portfolio that targets your 2026 growth goals.

3. Family Linking Setup: We manage the process of linking your family's accounts to trigger the lowest possible fees.

4. Drawdown Management: We use the "Regular Drawdown" tool to automate your retirement income while staying within the 20% tax bracket.

Wondering whether Elevate is the right platform for your pension needs? Get in touch to book a free, no-obligation chat with an IFA who can offer impartial advice on this.