How do I apply for income drawdown?
How to take a flexible income with drawdown
Before you can start taking a flexible income at retirement you must first make sure your funds are held within a pension plan that allows drawdown under the new pension rules – such as our multi-award winning Best SIPP. As a Bestinvest client, before you can start drawing your pension you will need to speak to us and discuss the risks associated with drawdown. If you are comfortable with the risks you can then complete a short form telling us how much of your fund you would like to use for drawdown, and whether you would like to take a pension commencement lump sum (the new name for tax-free cash).
What if you have a pension with another provider?
If you have one or a number of pensions with other providers, you can consolidate them in the Best SIPP and begin taking advantage of flexi-access drawdown (the new name for flexible drawdown) today.* Not only will you benefit from our new lower charges for drawdown, we’ll also pay up to £500 towards any exit fees when you transfer.**
Transfer your pensions
Get started today
It’s quick and easy to begin taking an income through flexi-access drawdown with the Best SIPP, regardless of whether or not you are currently a Bestinvest client. To get started today, simply contact our pensions experts on 020 7189 2400, visit Pensionwise.gov.uk for impartial guidance or request a call back.
Download one of our free pension guides
The decision to access your pension is an important one and will affect your income and possibly your standard of living for years to come. Therefore we recommend that before any decision is made you receive regulated financial advice or get free guidance from Pension Wise. Find out more about Pension Wise.
*Before transferring pensions, you should ask yourself: Will I be charged or penalised by my existing provider for transferring? Will I lose any valuable features or benefits if I transfer? Have I considered my current pension charges, and could consolidating be more expensive? Am I part of an occupational final salary pension scheme? (In which case I would most likely be better off not switching).
**Exit fees and drawdown fees apply.
SIPPs are not suitable for everyone. If you don’t want to invest across different asset classes or don’t think you will make use of the investment choices that SIPPs give you then a SIPP might not be right for you. Self-directed investors should regularly review their SIPP portfolio, or seek professional advice, to ensure that the underlying investments remain in line with their pension objectives. Prevailing tax rates and the availability of tax reliefs are dependent on your individual circumstances and are subject to change. Please note the term Best is a brand name of the Bestinvest SIPP.