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What are my retirement options?

New rules took effect in April 2015 which gave investors more options and flexibility when they want to take money from their pensions. Unlike some pensions, the HL SIPP offers the new pension freedoms.

From age 55 (57 from 2028), you can normally start making withdrawals from your SIPP, usually up to 25% tax free and the rest taxed as income. You can withdraw as much or as little as you like, although remember a pension may need to last throughout retirement.

There are two main ways to take an income – an annuity, which provides a secure income in exchange for all or part of your pension, or drawdown, which lets you keep your pension invested and draw an income from it. Income drawdown is more flexible but comes with increased risk – poor investment performance or large income withdrawals will erode the fund’s value over time.

To find out more about the new pension freedoms and the pros and cons of the options, download our free Options at Retirement Guide.

Important information - The information on our website is not personal advice but we can offer advice if specifically requested. What you do with your pension is an important decision, which could be irreversible. Drawdown is a more complex option than an annuity. Make sure you understand your options and check they are suitable for your circumstances: take appropriate advice or guidance if you are unsure. The Government's free Pension Wise service can help. It provides impartial guidance face-to-face, online or by phone - more on Pension Wise.

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