Fidelity group pension plan

sam1967

Hi, just looking for advice, ill be 55 shortly and am looking at taking the 25% tax free cash at that point, i have emailed Fidelity and awaiting retirement pack, but in the meantime would like advice as to what their reply means..

"You have the flexibility to decide when and how to use your pension savings, however the ******* group pension plan currently only allows the following options.

100% withdrawal either as UFPLS or Drawdown

Transfer out

Purchase annuity

Now does this mean i will have to transfer out to get the 25% or can i do it through their drawdown?

Thanks in advance

xylophone

https://www.fidelity.co.uk/pension-drawdown/?p=0&c=10#303018

You can usually take up to 25% of your pension pot as a tax-free lump sum
The rest of your money stays invested, and you can take withdrawals at any time
You need to consider how long you will need an income for, as you could spend 20 years or more in retirement
You need to decide which funds your pension pot is invested in as the performance of any funds will affect how long any income will last

dunstonh

but in the meantime would like advice as to what their reply means..

"You have the flexibility to decide when and how to use your pension savings, however the ******* group pension plan currently only allows the following options.

it means their pension doesnt offer every option available.

However, the option you are looking for falls under drawdown (100% crystallisation, 25% TFC paid out but with no income).

sam1967

Thankyou for that, my concern was that because it was a group pension i wouldnt be able to do what i wanted, thanks for clarifying