The normal minimum pension age (NMPA) is the earliest age at which you can access your pension savings.
The age is set by the government and is currently 55. But from 6 April 2028, the NMPA will increase to 57, meaning you'll have to be 57 or older to take money from your pension. Find out more about the changes to normal minimum pension age.
This is a method of accessing pension monies which, unlike an annuity, does not guarantee you an income for life. You can access your pension on an ongoing, or ad hoc basis, either through flexi-access or capped drawdown, until the money runs out. Depending on your individual circumstances, you may have to pay income tax on money taken out of your SIPP. In most cases you will have access to tax free cash (TFC) which is not taxable. Please note that normally you cannot take any cash out of your pension until you are at least 55.
Tax free cash (TFC): When accessing your pension pot via drawdown, unless you have a high level of protected tax free cash, you are usually allowed 25% of your monies to be paid out tax free.
If you would like to instruct your first move to drawdown, change your regular drawdown instruction, take a single payment, or stop your regular instruction, please call the Client Engagement Hub on 0345 279 1001. Call charges will vary. Please note you cannot take any cash out of your pension until you are at least 55.
If you would like to take out Tax Free Cash (TFC) from your pension, please call the Client Engagement Hub on 0345 279 1001. Call charges will vary. Please note you normally cannot take money out of your pension until you are at least 55.
You can view how much TFC you have remaining on Client Portal – simply go to the Account details section and select SIPP account details to view your balance. If you have a protected Lifetime Allowance (LTA), your TFC may not show correctly. Please call the Client Engagement Hub on 0345 279 1001 to confirm the TFC you have remaining. Call charges will vary.
You will receive your drawdown income within 10 - 12 working days of giving us your instruction. If you have requested a tax free cash single payment, you will receive this within 6 - 8 working days of your instruction. If you have set up regular drawdown income, you will receive your monies on the selected date, keeping in mind the timescales above.
If the expected payment date for your income falls on a weekend or bank holiday, you will receive your drawdown monies on the previous working day.
Your Lifetime Allowance is the maximum amount you can put into your pension pot (across all of your pension holdings) before incurring a tax charge. For more information about lifetime allowances and to see the current allowance for this tax year, please visit the gov.uk page.
If you would like to know how much of your allowance you have used from your Wrap SIPP, please call the Client Engagement Hub on 0345 279 1001. Call charges will vary.
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