Adjusting a FIdelity Drawdown Payment

jim8888

DAK how easy it is to adjust a monthly drawdown payment from Fidelity? My wife intended to withdraw £12.5k from her SIPP this year, but a delay in processing the forms meant that the first payment arrived in May 25th this year instead of April 25th. Therefore in order to take the annual amount in the relevant tax year, she needs to increase the monthly withdrawal (currently £1047 per month) for the remaining months to March 2023. However, neither she nor I can be bothered going through the phone calls and paperwork that seem to be attached to making any change to drawdown arrangements with Fidelity. DAK if changing a monthly withdrawal from a SIPP is something that can be done simply online? 

Dazed_and_C0nfused

Out of interest do you expect to be liable to pay at least £252 in income tax in the current tax year?

And not be a higher rate payer?

NoMore

No Idea, but next year why not just take one payment of a 12.5k ? Saves all the hassle about late payment and adjustments to monthly drawdown. If you still want a monthly payment, stick it in a separate bank account (ideally with high interest) and setup a monthly SO to your account of choice.

This is how I intend to do my drawdowns in future, not relying on the pension  provider to give me monthly income.

jim8888

NoMore said:

No Idea, but next year why not just take one payment of a 12.5k ? Saves all the hassle about late payment and adjustments to monthly drawdown. If you still want a monthly payment, stick it in a separate bank account (ideally with high interest) and setup a monthly SO to your account of choice.

This is how I intend to do my drawdowns in future, not relying on the pension  provider to give me monthly income.

This is probably a good idea, wish I'd done it that way!

Albermarle

NoMore said:

No Idea, but next year why not just take one payment of a 12.5k ? Saves all the hassle about late payment and adjustments to monthly drawdown. If you still want a monthly payment, stick it in a separate bank account (ideally with high interest) and setup a monthly SO to your account of choice.

This is how I intend to do my drawdowns in future, not relying on the pension  provider to give me monthly income.

Is it actually possible to schedule regular annual payments? There is a possibility that every time you ask, they will see it as a one off payment, sparking off the usual questions/process.
I think this is the advantage of regular monthly payments. Once set up they just carry on.

NannaH

Can you not just take an ad hoc single payment in addition?
I can do that quite easily with Hargreaves by requesting it online. 

Here you go : 

If you already have a Fidelity SIPP, you can amend the income you are taking or take a one-off income payment from your drawdown account online.

jim8888

NannaH said:

Can you not just take an ad hoc single payment in addition?
I can do that quite easily with Hargreaves by requesting it online. 

Here you go : 

If you already have a Fidelity SIPP, you can amend the income you are taking or take a one-off income payment from your drawdown account online.

I'll have a look at that thanks.