Clients can withdraw funds from their Self-Invested Personal Pension (SIPP) and this process is called a 'draw-down'. You can start drawing down from your pension from the age of 55.
Clients must take into consideration tax implications, fees, and changes in regulations around their SIPP when deciding to drawdown. The first 25% is tax-free and the rest is subject to tax.
InvestEngine's SIPP is currently an accumulation product, designed for clients to fund and manage their SIPP/pension investments over the long-term in preparation for their future retirement.
If you wish to withdraw money from your investments before you turn 55, this may incur tax implications. We suggest speaking to a Tax or Pension Specialist before choosing to do so.
The Pension Advisory Service (PAS): The PAS is an independent, government-backed organization that provides information and guidance on pensions, including SIPPs. You can find their website here.
The Financial Conduct Authority (FCA): The FCA is the regulatory authority for financial services in the UK. They provide information on various financial products, including SIPPs. You can find their website here.
InvestEngine is not an advisory service, so we must ask all our clients to do their due diligence before making any decisions about their investments.