Moving a pension for lump sum / drawdown - SIPP required?

suffbet3

Hi,

I'm starting to help my mum with her pension. She wishes to take a lump sum from her pension and then have the rest for drawdown. Her pension with Aviva doesn't offer the option to take a lump sum but they've told her she can transfer it to another product with aviva that would allow this or transfer it elsewhere. My question is, would she need to open a SIPP to accomodate this, whether it's with Aviva or another provider?

many thanks for any advice

xylophone

Presumably the pension plan with Aviva is old style and doesn't permit flexible access.

She can transfer to the Aviva flexible access pension

https://www.aviva.co.uk/retirement/income-drawdown/

or she can approach another personal pension/SIPP provider offering flexible access.

Albermarle

A SIPP is just a type of Defined Contribution ( DC ) pension

She needs to move it to a more modern DC pension which will have more flexible withdrawal options. It might be a SIPP or not, it does not really matter.

She may benefit from a free chat with PensionWise.

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