Fidelity SIPP "Pension Savings" account - is this new?

dunroving

I just noticed that in my Fidelity account page, my SIPP is showing as a "pension Savings" account. I don't remember it being called that before, and the little "?" (information) bubble says "This is the type of Pension Account which can be either drawdown or uncrystallised" when I click on it.

- is this new? Maybe I am just imagining it didn't say this before and it's always been there. Or maybe it's tied in with the new pension rules?

is it just my bad memory or have things changed?

greenglide

I think the text changed some time ago (last year?) but I don't think the actual content, what it does etc has changed.

Maybe there is a lower level for "crystallised" and "un-crystallised" that wasnt there before and is only visible if you have a crystallised fund (which I havent).

dunroving

Since the government announced the new pension freedoms I have been plonking money into a Fidelity SIPP most of this year, but hadn't really been tracking what I will and will not be able to do with it when I retire. This just happened to catch my eye when I logged in earlier today to check on a transaction.

I guess if Fidelity isn't as flexible as I need when it comes to it (won't be for another 3.5 years at least) I can always transfer it to another provider.

greenglide

They already allowed drawdown, both capped and flexible before the changes. However they required customers to consult their advice service first. They currently require you to have pension savings of £75,000 or more with them to set up drawdown!

dunroving

greenglide wrote: »

They already allowed drawdown, both capped and flexible before the changes. However they required customers to consult their advice service first. They currently require you to have pension savings of £75,000 or more with them to set up drawdown!

I'd better add a few pennies to the pot.

greenglide

It is a bit off-putting isnt it!

This is the smallest part of my pension provision, not being paid into (currently using AVCs via salary sacrifice to build up 25% tax free which will be over £75k) so it will probably never be used in drawdown anyway.

clivep

greenglide wrote: »

They already allowed drawdown, both capped and flexible before the changes. However they required customers to consult their advice service first. They currently require you to have pension savings of £75,000 or more with them to set up drawdown!

You don't need £75k with Fidelity to take an annual UFPLS though. As a non-taxpayer, this is how I'll be accessing my sub £75 pot to use up my tax allowances for the next 5-6 years until I reach state retirement age.

I've just called them to get a UFPLS form sent and there was no need to consult their advisory service... just had to listen to all their disclaimers.

dunroving

I'd ask additional questions but as the rules will probably change before I get to the point of withdrawing from my SIPP, I don't want to waste anyone's time.