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Pension drawdown

The flexible way to take retirement income

Want to access your pension this tax year? Don't miss the March deadlines.

If you're looking to take money out of your SIPP for the current 2023/2024 tax year, you need to make sure you get your withdrawal request in on time. The cut off points are 1 March by phone (call 0800 368 6882) or 18 March for online requests. You can find out if you're eligible to take tax-free cash or lump sums online here.

Requests for 2024/2025 will be accepted from 6 April 2024.

Important information - the value of investments and the income from them can go down as well as up so you may get back less than you invest. Eligibility to invest in a SIPP and tax treatment depends on personal circumstances and all tax rules may change in the future. You cannot normally access money in a SIPP until age 55 (57 from 2028). It’s important to understand that pension transfers are a complex area and may not be suitable for everyone.

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.
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Take what you want, when you want

You’ve worked hard to save for your retirement. Perhaps you've got it all mapped out. Or perhaps you're looking forward to going with the flow. Either way, if you're looking for flexibility when accessing your pension savings, you might want to think about pension drawdown.

But drawdown is just one of the ways you can take an income from our award-winning Self-Invested Personal Pension (SIPP). And because we understand it's a big decision, we're here to support you and make the necessary arrangements - either through our online service or with the help of our retirement specialists.

Reasons to choose drawdown with Fidelity

Income flexibility - 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.

No drawdown fees - you don’t have to pay to draw down 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 usual service fee for our SIPP and the fund/investment charges based on what you choose, set by the companies and funds you decide to invest into.

Easy access to your money online - you can take taxable income payments or tax-free cash or lump sums online. Find out how to withdraw your money.

Specialist support - Fidelity's retirement specialists are just a phone call away when you need them. They can make the complex world of pension drawdown easier to navigate by clearly taking you through your income options and demystifying your lifetime and money purchase annual allowances. They can also help you set up regular income payments.

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

" 93% of our customers are very satisfied with the helpfulness of our guidance"

Source: Fidelity Net Promoter Score (NPS) survey Q2 2023

" 95% of our customers are very satisfied with our retirement team's knowledge and expertise"

Source: Fidelity Net Promoter Score (NPS) survey Q2 2023

Ready to access your pension? Help is at hand

When the time comes to access your pension, you’ve got options. If you’re already a customer, you can read about how to take tax-free cash, lumps sums or regular income here. On the other hand, if you’d like to talk to someone, there’s no fee for our comprehensive guidance service. It’s ideal if you want to make your 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.

Bring your pensions together into Fidelity’s SIPP

Find out how bringing pensions together can make it easier to manage your retirement savings, and whether this would be suitable for you.

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.

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 011 3797.

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

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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

Our award-winning approach

We don’t like to blow our own trumpet, but it's nice when someone else does. We’re also proud to be a Which? Recommended Provider for Self-Invested Personal Pensions – three years running.​

Trustpilot rating based on 4,460 reviews as at 22.11.2023

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.