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Pension drawdown

Important information - the value of investments can go down as well as up so you may not get back what you invest. Eligibility to invest in a SIPP and tax treatment depends on individual circumstances and all tax rules may change in the future. The minimum age you can normally access your pension savings is currently 55, and is due to rise to 57 on 6 April 2028, unless you have a lower protected pension age.

Pension drawdown at a glance

It’s hard to know what you’ll be doing in the future, so picking a retirement income to last a decade or two (and, hopefully, even longer) isn’t easy. Pension drawdown gives you the flexibility to take whatever income you want – and change it when you need to, so you can do whatever you like. Your money stays invested so it has the potential to continue to grow and it can get passed onto your loved ones when you die.

New to drawdown? Learn more.


Why drawdown with Fidelity?

Through our award-winning SIPP, we’ll help you drawdown your pension however you like, so you can do whatever you like when you decide to retire.

  • Flexible access - you choose how much to take, and when to take it. Including up to a quarter (25%) as tax-free cash, either as a lump sum or in stages
  • Free drawdown access to your pension. No set up, one-off withdrawal or annual drawdown fees. All you pay is our low-cost service fee for our SIPP and fund/investment charges based on what you choose - see full details of our charges here.
  • Support with decisions - get expert help from Fidelity's retirement specialists and use our helpful retirement planning tools and calculators, and dedicated section on investing in retirement.

If your pension is not already in the Fidelity SIPP, you will need to transfer it to us before you access income drawdown. Your pension account value must be at least £50,000. If you have already started taking drawdown from your pension you can still transfer it.

Get started with expert help

There are big decisions to make when you opt for drawdown which is why we find many investors (even some of the most experienced ones) like to get some help. If you’re thinking about accessing your pension, Fidelity’s retirement service is able to provide free guidance and paid-for personalised advice if you want recommendations based on your personal circumstances.

Call our retirement specialists

Need help with pension drawdown? Our retirement specialists offer free guidance and personalised paid for advice services. We're open 9am to 5pm, Monday to Friday.

Pension Wise

The government's Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online or over the telephone on 0800 138 3944.

Things to consider with pension drawdown

There's lots to consider when planning retirement, and we offer a wealth of guidance in the pensions & retirement section of our website. From retirement and legacy planning, to allowances and choosing investment options.

Advantages of drawdown
Disadvantages of drawdown
Bringing your pensions together
Your tax allowances


Drawdown guide

Our guide has everything you need to help you weigh up the advantages and drawbacks of drawdown. It also outlines what support we offer - everything from guidance to personalised financial advice.

Download drawdown guide

Pension drawdown FAQs

How does pension drawdown work?
How do I apply for drawdown?
When can I access my pension?
How long will my money last in retirement?
How much income could I take from my pension?
Can I use Investment Pathways?
Can I still pay into my pensions if I am in drawdown?

Pension Wise

The Government's Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online at or call them on 0800 138 3944.


Important information: This information and our guidance tools are not a personal recommendation for any particular product, service or course of action. Pension and retirement planning can be complex, so if you are unsure about the suitability of a pension investment, retirement service or any action you need to take, please contact Fidelity’s Retirement Service on 0800 368 6882 or refer to an authorised financial adviser of your choice.