Paying £2880 into pension when retired

masca

I'm continuing to be dense, and hence I'm back with another question!! I opted for the online drawdown in the end (what a very loooong process this is turning out to be!!) and I've withdrawn and received the tax free element and am now withdrawing the remainder. I wish to leave the account open for the 2026-27 contribution and so I've left £50 (plus some odd change) in the SIPP account. Is this correct? Can I now withdraw AND CLOSE the SIPP Income Drawdown account, or have I left the £50 in the wrong place? Thank you - again!

masca

Bump.... 😊. TIA!

SVaz

Why would you need to close the drawdown account? Not sure you can do that anyway, it will just stay empty ( unless you have any dividends/ interest to go in) until you come to use it again once you draw whatever’s built up in the Sipp account.

Nebulous2

https://forums.moneysavingexpert.com/discussion/comment/81876665#Comment_81876665

In my experience HL doesn't do that - if the drawdown account goes under £50 they pay it out and close it. I assume they would simply open a new one later, if you put more money into drawdown.

masca

Just incase anyone ends up here in the future with the same query...

HL have confirmed by secure message that both the original HL SIPP and the HL SIPP Drawdown account need a minimum balance of £50 to remain open. However, they've also confirmed that it's very straightforward for them to reopen either account if required for a further contribution or to move more of the SIPP into Drawdown.