Question on Fidelity DC fund

green.lander_2 · 9 December 2018 at 12:54PM

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.

greatkingrat · 9 December 2018 at 2:03PM

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.

Question on Fidelity DC fund

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