How do I start to access my SIPP?

You now have greater flexibility than ever when deciding how to take your pension. Accessing your SIPP is a big decision, so you need to be sure you’re ready and consider how much you want to access. It may be more tax efficient to only access part of your SIPP at any one time – but the choice is up to you.

For guidance, please speak to a financial adviser or alternatively, free and impartial guidance is available from the government-backed Pension Wise service. You can also book a telephone appointment by calling 0800 280 8880 or arrange a face-to-face meeting through your local Citizens Advice. This is not a substitute for full, regulated financial advice.

To access your AJ Bell SIPP, simply log in and select ‘Manage my Pension’. This page contains all the information you need.

You can access your SIPP for the first time by taking either:

• A lump sum payment – 25% is tax-free, and 75% will go into drawdown. You can then take income payments from your drawdown pot which will be taxed at your marginal rate.
• An uncrystallised lump sum payment (UFPLS) – you can take a lump sum from any part of your SIPP you haven’t previously accessed (e.g. via drawdown). 25% of each lump sum is tax-free, and the remaining 75% subject to income tax.

You’ll need to let us know the lump sum or UFPLS amount you’d like to take. We’ll process your request and pay it to you five to 10 working days after we've received all the information we need. This includes an application, evidence of age and successfully verified bank details. You also need enough cash for the lump sum payment – otherwise, it could be delayed.

Drawdown pots

When you take a lump sum, a drawdown pot will be created, and we’ll offer you the choice to invest in our Investment Pathways. These can help you invest your pot into a fund that broadly matches your retirement plans. This is entirely optional.

Once your drawdown pot is set up, you can choose to take income payments, which will be subject to Income Tax at your marginal rate. They can be requested by visiting the ‘Manage my Pension’ area and taken as either:

• A regular income payment. We’ll set everything up and let you know when it’s ready. Regular income payments go out on the 10th of the month (or the next working day if the 10th falls on a weekend). Either way, payments should reach your account within three working days. You’ll also be able to edit any existing income payments you have set up.
• A one-off income payment. After you request a one-off payment, you'll receive it within five working days. Just remember that you’ll need to have enough cleared cash in your account to cover the payment you're taking.

How do I move from capped drawdown to flexi-access drawdown?

If you're accessing your SIPP using capped drawdown (available before 6 April 2015) and want to move to flexi-access drawdown, please complete the capped drawdown to flexi-access drawdown conversion form.

What charges will I pay for taking my pension?

Charges depend on how you choose to take income from your SIPP.

Take a look at our charges and rates page for more information.