One of the advantages of drawdown is that you have much more flexibility in the income you take. You can change the funds you are invested in, and even change your provider.
Important information: the minimum age you can access normally your pension savings is currently 55, and is due to rise to 57 on 6 April 2028, unless you have a lower protected pension age.
If you already have a Fidelity SIPP, you can amend the income you are taking or take a one-off income payment from your drawdown account online.
Please be sure to read this essential information on making a choice before amending your income.
Please note that if you take any taxable money from your pension pot using the pension freedoms (i.e. more than the tax-free part), either as a lump sum or regular income, the total amount you can contribute to all of your pension pots and receive tax relief on each year will reduce from £60,000 to £10,000. For more information on this please read our money purchase annual allowance guide.
To change your funds, just log in to our secure site, and look under the ‘Manage Investments’ tab and you’ll find you can buy, sell and switch funds and other investments quickly and easily. We have a lot to choose from, so you might find these tools helpful.
Talk to someone about your options in more detail.
Decisions about drawdown may seem complicated, but it’s important to get them right as they will affect your future income. We can offer you guidance or personalised retirement advice. Call us to discuss your options in more detail on 0800 368 6882, Monday to Friday, 9am - 5pm.
Fidelity’s Retirement ServiceThe government’s Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online or over the telephone on 0800 138 3944.
www.pensionwise.gov.ukIf you’re taking money through drawdown and planning to do so for a decade or two, it may be worth your while moving your pension to a new provider.
A lower-cost pension could save you money in the long run. It might also open up more investment options or simply allow you to change to a company that works harder to meet your needs.
Transferring your pension to FidelityThese guidance tools are not a personal recommendation in respect of a particular investment. If you need additional help, please speak to a financial adviser. You should regularly reassess the suitability of your investments to ensure they continue to meet your attitude to risk and investment goals. Withdrawals from a pension product will not normally be possible until you reach age 55 (57 from 2028).
