Is there anyway I can release the drawdown from my SIPP (Self Invested Personal Pension)?

Question

Is there anyway I can release the drawdown from my SIPP(Self Invested Personal Pension) I dont mind paying tax I just need the lump sum rather than getting paid every month

Answer 1

No.

If you are over 50 you can Retire and get a 'once and only' Tax free lump sum of 25%. The rest of the fund goes into draw-down (or you can purchase an annuity)

After that you can ONLY draw-down a small percentage of the remaining fund per year (typically about 5%).

I believe some SIPP's may allow you to take the whole years draw-down in one payment, but you will have to wait until the next year for the next payment.

The ONLY way to get the whole lot is to die :-)

Answer 2

Yes, under a SIPP you should be able to go into drawdown and just take the tax free cash. Of course, you have to be between ages 50 and 74 (min age rises to 55 in 2010). You don't have to take the regular income if you do not wish to - that is the beauty of a SIPP rather than a personal pension plan. Just contact your financial adviser or, your SIPP provider who can organise the appropriate paperwork for you.

Answer 3

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