How do I withdraw money from my HL SIPP?
When you reach age 55 (57 from 2028), you’re free to start withdrawing money from your SIPP, even if you’re still working. You can usually take up to 25% of your pot tax free. The rest of your withdrawals will be taxed as your income.
You can take your whole pension in one go, or in smaller amounts as and when you want. You could also take money from your pension as a regular income, with an annuity or drawdown. Or you can leave your pension invested if you don’t need it yet.
When it comes to choosing how to take money from your pension, just remember you may need your pension to last throughout your retirement.
Pension Wise is the government’s free, impartial pension guidance service, created to help you understand your retirement options. Visit www.pensionwise.gov.uk or call 0800 138 3944 to find out more.Learn more about your retirement options