Pension income.

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:

  • Income drawdown (also known as flexi-access drawdown)

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.

  • Taking a taxable lump sum (also known as an uncrystallised pension lump sum)

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.

  • Purchasing an annuity

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.


AJ Bell Management Limited is the Scheme Administrator of the Halifax Share Dealing SIPP. AJ Bell Management Limited is registered in England No. 3948391. Registered Office: AJ Bell Management Limited, Building 4, Exchange Quay, Salford Quays, Manchester, M5 3EE. Authorised and regulated by the Financial Conduct Authority and on the FCA register under FCA registration number 211468. Sippdeal Trustees Limited is a wholly owned subsidiary of AJ Bell Management Limited, registered in England No. 4050222. Registered Office: AJ Bell Management Limited, Building 4, Exchange Quay, Salford Quays, Manchester, M5 3EE. Sippdeal Trustees Limited does not conduct any regulated activities, and is, therefore, not regulated.

Dealing and stock broking administration services are provided by Halifax Share Dealing Limited. Registered in England and Wales no. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire, HX1 2RG. Authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.