Please remember that the value of an investment and the income from it can go down as well as up and you may get back less than you invested.
We don't provide advice so if you are in any doubt about making your own investment decisions we recommend you seek advice from a suitably qualified financial adviser.
SIPPs are a pension product and you will not be able to withdraw your funds until you reach the age of 55.
Once you reach the age of 55 you can start taking an income from your SIPP, or you can choose to keep your money invested and continue to contribute to your pension pot. If you need to take an income or need access to the money in your pension, you can choose any, or a combination, of the below options:
If you don’t need a secure, regular income then you can continue to manage your pension fund and draw a variable income (within certain limits) directly from the SIPP. You will continue to make all investment decisions and the value of your SIPP will rise and fall depending on the performance of your investments.
Charges will apply to your SIPP where you designate some or all of your SIPP to drawdown. Please see our SIPP charges for details.
You can take a one-off payment from your pension or a series of lump sums, keeping the remainder of your pension invested. The first 25% is tax-free, with the remainder subject to tax at your usual rate of income tax.
An annuity converts your pension fund into a regular, secure income payable for the rest of your life. Choosing an annuity is an important decision to get right as, once you’ve signed up, it can’t be stopped or changed.
For more information about your options, read our Benefits Guide.