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How can I withdraw money from my pension?

You can usually withdraw money from a pension from the age of 55 onwards.

There are usually a number of ways people can access their pension, which will suit different people in different ways. You can normally withdraw 25% of your pension savings as a tax free lump sum and use the remaining pension to provide yourself with an income. This might be through an annuity, which can provide a guaranteed income for life, or by using a drawdown pension, allowing you to take as much or as little from your pension as and when you need.

Taking money out of your pension is a big decision and could affect your financial wellbeing for the rest of your life, so you may want a helping hand. Pension Wise is the government’s free, impartial guidance service, designed to help you understand the various ways you can use your pension pot in retirement. You can call 0300 330 000 and book a guidance appointment, either on the phone or face to face. Alternatively, go to to explore your options.

With a Fidelity SIPP our retirement specialists can also provide you with guidance or advice when you decide you want to access your pension. Call 0800 368 6882 for a free initial chat, to find out how the service works and what the charges would be if you decide you would like retirement advice.