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Question on Fidelity DC fund
green.lander_2
Posts: 37 Forumite
Hello, I have a employee Fidelity DC pension value around approx £240k. When i leave work next year (59) i want to convert this to a SIPP in order to take the tax free amount circa 60K for house improvements and thereafter take annual withdrawals say £30k until my DB fund kicks in at 65. Note i may continue to work part time elsewhere so don't want to loose the opportunity to contribute to a SIPP and lose the annual allowance.
Does anyone see any issues with this and i assume if I open a SIPP with Fidelity it would be a quick turnaround?
Thank you.
Does anyone see any issues with this and i assume if I open a SIPP with Fidelity it would be a quick turnaround?
Thank you.
0
Comments
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You can take the 60k tax-free, but if you start taking any of the taxable portion you will be subject to the reduced 4k annual allowance on any future contributions.0
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