There are several ways you can withdraw money from your pension after you turn 55, such as selecting income drawdown or taking an annuity.
Take a look at our retirement pages for more details, or call Fidelity Retirement Service on 0800 368 6882.
You could choose to take money from your main pension pot known as an “uncrystallised” withdrawal, which is the option to take ad-hoc withdrawals from your pension account without the need to setup a drawdown account. However, this will depend on your personal circumstances.
Usually, 25% of the total withdrawal amount will be tax-free and the rest taxable at your marginal income tax rate.
To find out whether this is suitable for you, please contact Fidelity Retirement Service on 0800 368 6882.
Give one of our UK-based associates a call on
0333 300 3351
Send us your question online or visit us at our Investor Centre in London.