"…flexible drawdown has more uses than just stripping out the fund."


Many people who have SIPPs already meet the minimum income requirement through other pensions such as historic final salary schemes. This can be a real benefit for those who need some extra income but want to preserve death benefits.

Barney was a member of a final salary scheme for a number of years early in his career before he decided to set up his own business. The pension he built up was around £12,000 per year which, due to revaluation, is now worth £15,000 per year. Barney is 65 and has decided to start to wind down his involvement in his business and retire. He has a SIPP fund in excess of £500,000 invested in a number of asset classes. Although his children are grown up and will be taking over the business when he retires, his long term partner is significantly younger than him and he is concerned that she...

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