Drawing a pension from a SIPP

petemcdermott

I am 66 and currently drawing a pension form Small Self Administered Scheme (SSAS).

It has been suggested that I switch to a SIPP but I understand that there is a limit on amount of pension draw down from such a scheme.

Does anyone know where to find information about this?

[Deleted User]

if you go onto the sippdeal site, they have an illustration facility

JOHNGT

You can draw the same amount from either a SSAS or a SIPP - they are subject to exactly the same rules.

If your SSAS fund is in drawdown (unsecured pension), the current maximum withdrawal is just over 8% of the drawdown fund (basically the fund after you have taken all your tax free cash). The same will be true if you transfer to a SIPP.

JOHNGT

Sorry meant to say 8% at your age - varies with age. Also new rules come in on 6/4/2011 and the amount you can draw will fall by about 20% but not until the next time your withdrawals are reviewed.

An IFA will be able to give you advice on how this will affect you.