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In this section

Changing income drawdown
One of the advantages of drawdown is that you have much more flexibility in the income you take. You can change the funds you are invested in, and even change your provider.
Important information: the value of investments, and the income from them, can go down as well as up, so you may not get back what you invest. Tax treatment depends on individual circumstances and all tax rules may change in the future. You cannot normally access money in a pension until age 55 (57 from 2028). It’s important to understand that pension transfers are a complex area and may not be suitable for everyone.
Changing your income in retirement
If you already have a Fidelity SIPP, you can amend the income you are taking or take a one-off income payment from your drawdown account online.
Please be sure to read this essential information on making a choice before amending your income.
Please note that if you take any taxable money from your pension pot (i.e. more than the tax-free part), either as a lump sum or regular income, the total amount you can contribute to all of your pension pots and receive tax relief on each year will reduce from £60,000 to £10,000. For more information on this please read our money purchase annual allowance guide.
Changing your investments
You can change your investments at any time under the ‘Manage Investments’ tab in your secure online account. There are a number of strategies to consider, as well as tools and guidance to help you choose.
Need help?
Talk to someone about your options in more detail.
We can help
Decisions about drawdown may seem complicated, but our retirement team are here to support you. We can offer you guidance or personalised retirement advice. Call us to discuss your options on 0800 41 41 61. We're open 8.30am to 5.30pm, Monday to Friday and 9am to 12:30pm on Saturdays.
Retirement ServicePension 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 011 3797.
Visit Pension WiseIf you’re taking money through drawdown and planning to do so for a decade or two, it may be worth your while moving your pension to a new provider.
A lower-cost pension could save you money in the long run. It might also open up more investment options or simply allow you to change to a company that works harder to meet your needs.
Important information - it’s important to understand that pension transfers are a complex area and may not be suitable for everyone. Before going ahead with a pension transfer, we strongly recommend that you undertake a full comparison of the benefits, charges and features offered. To find out what else you should consider before transferring, please read our transfer factsheet. You should regularly reassess the suitability of your investments to ensure they continue to meet your attitude to risk and investment goals. If you are in any doubt whether or not a pension transfer is suitable for your circumstances we strongly recommend that you seek advice from one of Fidelity’s advisers or an authorised financial adviser of your choice.
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Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.