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Pension drawdown

Expert support. No surprises.

Important information - the value of investments and the income from them can go down as well as up so you may not get back what you invest. Tax treatment depends on individual circumstances and all tax rules may change in the future. You cannot normally access your pension until age 55 (57 from 2028).

Many people find the prospect of entering drawdown a little daunting. It needn't be. At Fidelity we're here to guide you through it.

What is pension drawdown?

Pension drawdown allows you to take the income you want, whenever you need it - giving you total flexibility over your retirement savings. And, as the money you don't drawdown stays invested, it has the potential to continue to grow and provide for your future although this isn't guaranteed. It'll keep benefitting from tax efficiencies too. It can also be passed onto your loved ones when you die.

New to drawdown? Learn more.

Specialist support. Flexible. Zero fees to drawdown. No nasty surprises.

It’s hard to know what you’ll be doing in the future. So, choosing how to access your pension savings for a retirement income that will need to last a decade or two (hopefully even longer) is a big decision to make. Our retirement specialists are here to give you all the support you need at this important time, guiding you along the way so that there are no nasty surprises. You don’t have to pay anything extra to drawdown your pension savings, just the usual SIPP fees apply. And you can choose how much income to take and change it when you need to. But you still need to expect the unexpected from time to time when it comes to market rises and falls, along with any tax changes.

" 98% of our customers are very satisfied with our retirement team's knowledge and expertise"

Source: Fidelity Net Promoter Score (NPS) survey Q1 2022

Feel confident about pension drawdown. Talk to us.


When it’s taken a lifetime to build up your pension pot, you want to be certain you’re making the right decisions. To make sure you feel confident about yours, you’ll get the chance to talk to one of our retirement specialists. They’ll go through the detail of what drawdown involves and answer any questions you might have on complicated topics such as tax and your allowances.

We find our customers really value the chance to talk their options through over the phone before acting on their decisions, as some of the choices they need to take have implications that are irreversible. After all, no one wants any nasty surprises at this stage of their life.

Reasons to choose drawdown with Fidelity

Specialist support - Fidelity's retirement specialists can make the complex world of pension drawdown easier to navigate. They’ll ease you into your retirement by talking you through your income options, explaining when and how much tax-free cash to take and, demystifying your lifetime and money purchase annual allowances.

No drawdown fees - you don’t have to pay to drawdown your pension from Fidelity's award-winning SIPP. There’s no set up, one-off withdrawal or annual drawdown fees. All you pay is our low-cost service fee for our SIPP and fund/investment charges based on what you choose, set by the companies and funds you decide to invest into.

Flexible access - you choose how much to take from your pension, and when to take it, as your circumstances change. This includes taking up to 25% as tax-free cash, either as a lump sum or in stages.

If your pension isn't already in a Fidelity SIPP, you'll need to transfer it to us before you access income drawdown. Your pension account value must be at least £50,000. If you've already started taking drawdown from your pension, you can still transfer it.

" 95% of our customers are very satisfied with the helpfulness of our guidance"

Source: Fidelity Net Promoter Score (NPS) survey Q1 2022

Ready to access your pension? Help is at hand

If you’re thinking about accessing your pension, let us give you the support you need. There’s no fee for our comprehensive guidance service and it’s ideal for customers who wish to make their own decisions. But if your needs are quite complex, or you really want a personal recommendation, then advice might suit you better. Any advice you receive is personalised to your needs, making this a service you pay for.

Call our retirement specialists

Need help with pension drawdown? Our retirement specialists offer free guidance and personalised paid for advice services. We're open 9am to 5pm, Monday to Friday.

Still planning your retirement?

Our useful tools and calculators allow you to sense-check how much money you have saved and what you’ll need for your goals in retirement.

Pension Wise

The 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.

Things to consider with pension drawdown

There's lots to consider when planning retirement, and we offer a wealth of guidance in the pensions & retirement section of our website. From retirement and legacy planning, to allowances and choosing investment options.

Advantages of drawdown
Disadvantages of drawdown
Bringing your pensions together
Your tax allowances


Learn more about pension drawdown

Our guide has everything you need to help you weigh up your options and see if drawdown is right for you. By downloading the guide, you'll also receive monthly retirement emails packed full of hints and tips to help you make smarter decisions.

Download pension drawdown guide

Pension drawdown FAQs

How does pension drawdown work?
How do I apply for drawdown?
When can I access my pension?
How long will my money last in retirement?
How much income could I take from my pension?
Can I use Investment Pathways?
Can I still pay into my pensions if I am in drawdown?

Important information: This information and our guidance tools are not a personal recommendation for any particular product, service or course of action. Pension and retirement planning can be complex, so if you are unsure about the suitability of a pension investment, retirement service or any action you need to take, please contact Fidelity’s Retirement Service on 0800 368 6882 or refer to an authorised financial adviser of your choice.