Home Pensions & retirement Change your drawdown income

Changing your income drawdown arrangements

One of the advantages of drawdown is that you have much more flexibility in the income you take. You can change the funds you are invested in, and even change your provider.

Changing your income in retirement

If you already have a Fidelity SIPP, you can amend the income you are taking or take a one-off income payment from your income drawdown account using the Fidelity SIPP income amendment form.

Please be sure to read this essential information on making a choice before completing the form.

Please note that if you take any taxable money from your pension pot using the pension freedoms (i.e. more than the tax-free part), either as a lump sum or regular income, the total amount you can contribute to all of your pension pots and receive tax relief on each year will reduce from £40,000 to £4,000. For more information on this please read our money purchase annual allowance guide.

Changing your investments

To change your funds, just log in to our secure site, and look under the ‘Manage Investments’ tab and you’ll find you can buy, sell and switch funds and other investments quickly and easily. We have a lot to choose from, so you might find these tools helpful.

Need help?

Talk to someone about your options in more detail.

We can help

Decisions about drawdown may seem complicated, but it’s important to get them right as they will affect your future income. We can offer you guidance or personalised retirement advice. Call us to discuss your options in more detail on 0800 368 6882, Monday to Friday, 9am - 5pm.

Fidelity’s Retirement Service

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.

www.pensionwise.gov.uk

Transferring your drawdown pension

If you’re taking money through drawdown and planning to do so for a decade or two, it may be worth your while moving your pension to a new provider.

A lower-cost pension could save you money in the long run. It might also open up more investment options or simply allow you to change to a company that works harder to meet your needs.

Transferring your pension to Fidelity
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These guidance tools are not a personal recommendation in respect of a particular investment. If you need additional help, please speak to a financial adviser. You should regularly reassess the suitability of your investments to ensure they continue to meet your attitude to risk and investment goals. Withdrawals from a pension product will not normally be possible until you reach age 55.