Pension income
From the age of 55 (57 from 2028), you have a number of options available. You can leave your pension pot and continue to save or, if you want to take an income and need access to money in your pension, you can choose any of the below options.
Once you reach age 75, we can no longer accept any contributions, even if this is to cover administration fees of the account. Due to this, you should make sure you have available cash in your SIPP to cover any administration charges when they are due.
SIPPs are a pension product and you will not be able to withdraw your funds until you reach the age of 55. You may be able to access your money earlier if you can’t work due to illness.
Pensions are a long-term investment. The retirement benefits you receive from your pension account will depend on a number of factors including the value of your account when you decide to take your benefits, which isn't guaranteed, and can go down as well as up. The value of your account could fall below the amount paid in. Tax treatment depends on individual circumstances and may be subject to change in the future.
Need some advice or guidance?
Planning for your retirement is an important step towards financial security in later life.
We can give you information to help you make an informed choice. But, this isn't the same thing as getting guidance or advice, and we won't give you a recommendation of what to do next. You can get free and impartial guidance from the Government's Pension Wise service, which is provided by MoneyHelper.
You get free help and guidance through Pension Wise. If you're over 50, you'll also benefit from a free 60-minute appointment.
If you’re unsure which option to choose, we recommend you speak with a financial adviser. They’ll talk to you about what your finances look like today, and your plans for tomorrow and recommend the best products to suit your situation. They will charge you for this service. You can visit Unbiased or Vouchedfor to find a financial adviser near you.
Illustrations for your Self-Invested Personal Pension
- When you first open your SIPP, we’ll provide an illustration showing the potential benefits and costs, based on a set of assumptions.
- Each year, you’ll receive an annual illustration to help you track your pension’s progress.
- Whenever you decide to take benefits, we’ll issue a personalised illustration to show how your choices may affect your pension.
- Need another illustration?
If you’d like an updated illustration outside of these times, you can request one by contacting us using our requesting your personalised illustration form .
Note - if you require further funds from your SIPP, please contact us using our taking savings from your self-invested personal pension form
Your options at retirement
Our SIPP offers flexible options, so from age 55 (57 from 2028) you can take money from your pension, when the time is right, in a way that suits you.
Ready to take the next step?
We're all part of Lloyds Banking Group, which incorporates many well-known companies including Halifax, Scottish Widows, Halifax Share Dealing Limited and Embark Investment Services Limited.
Our retirement partner for our pensions is Scottish Widows, who have more than 200 years experience in pensions and retirement.
The Scottish Widows SIPP is provided by Embark Investments Services Limited (EISL), which is a wholly owned subsidiary of Embark Group Limited. EISL, is a company incorporated in England and Wales (company number 09955930) and is authorised and regulated by the Financial Conduct authority (Financial Services Register number 737356).
Dealing and stockbroking administration services for the Scottish Widows SIPP are provided by Halifax Share Dealing Limited (HSDL), which is a wholly owned subsidiary of Embark Group Limited and part of Lloyds Banking Group. HSDL is a company incorporated in England and Wales (company number 3195646) with its registered office at: Trinity Road, Halifax, West Yorkshire, HX1 2RG. HSDL is authorised and regulated by the Financial Conduct Authority (Financial Services Register number 183332). HSDL is a member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.