Arranging your pension drawdown
Whatever your plans for retirement may be, the good news is you now have more freedom than ever before to spend your pension savings as you wish. A popular option is to take money from your pension as and when you need it through drawdown. Here’s how you can arrange your pension drawdown with Fidelity.
Important information - please keep in mind that the value of investments can go down as well as up, so you may get back less than you invest. You cannot normally access money in a pension 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.
Your drawdown account
Drawdown allows you to take money directly from your pension pot as and when you need it. You decide how much income to take and you can vary this in line with your needs.
If you have already have a SIPP account with us then our retirement specialists can help you move your savings into drawdown. If you don’t already have your savings with us, learn more about transferring your pensions to Fidelity
Our specialists can talk to you about your plans and ambitions and how drawdown works in more detail. Or, if you already have a plan in mind, they can help you put this plan in place:
- Use our planning calculators to help you plan your goals and your savings, and to work out how much you can afford and how long the income could last.
- Call us on 0800 368 6882 to make an appointment with a retirement specialist. Talk to us about how much income you want to take and when and how often you want to take it. You can also talk to our specialists about transferring your pension(s) to the Fidelity SIPP.
- Start receiving payments. We'll look to deduct these from any cash you have in the account so it's always a good idea to have cash in there. If there's no cash in your account, or not enough to meet your payment, we will sell some from your investments and pay the proceeds to you. We’ll talk you through how this works when you give us a call.
- Manage your account. If you need to change anything down the line – such as the amount of income you are receiving or your investment choices – you can easily make adjustments. And unlike some other providers, we do not charge a fee for amending your withdrawal plan or for making changes to your investments. You can call our retirement specialists to guide you through this.
Ready to chat?
Call us
Call us now to book a free no obligation appointment with one of our retirement specialists on 0800 368 6882. We’re available Monday to Friday from 9am to 5pm.
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 over the telephone on 0800 011 3797 or go online.
If you want to find out more about what drawdown is you can go to our drawdown page.
Important information - tax treatment depends on individual circumstances and all tax rules may change in the future. This information is not a personal recommendation for any particular investment. 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.
It’s important to understand that pension transfers are a complex area and may not be suitable for everyone. Before going ahead with a pension transfer, we strongly recommend that you undertake a full comparison of the benefits, charges and features offered. To find out what else you should consider before transferring, please read our transfer factsheet. If you are in any doubt whether or not a pension transfer is suitable for your circumstances we strongly recommend that you seek advice from an authorised financial adviser.
