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MultitaskTaking benefits from a pension plan is an important and complex stage of retirement planning. There are many options available to investors, and with a SIPP at Suffolk Life we aim to offer lots of flexibility.

Drawdown enables an investor to take income from a SIPP without buying an annuity. All new drawdown plans will offer complete flexibility through being established as flexi-access drawdown. Investors who are already in capped drawdown can stay in capped drawdown, but can switch to flexi-access if required.

We can establish regular income or make one-off payments, and it is the investor's (or their appointed agent's) responsibility to ensure there are adequate funds in the SIPP bank account to meet the payments.

To start drawdown you will need:

  • a completed drawdown form, including details of previous benefits from all schemes for lifetime allowance purposes
  • cleared funds in the investor's SIPP bank account in order to pay the pension commencement lump sum (PCLS) and income payments
  • A copy of the HMRC certificate where protection from the LTA has been requested

Pension commencement lump sum (PCLS)
An investor's PCLS entitlement is generally 25% of the funds or, if less, 25% of the remaining personal LTA at the time benefits are crystallised. The PCLS must be paid within one year of moving into drawdown. Once money is moved into drawdown, it cannot be used to provide any further PCLS.

More information and forms
Visit our literature library for more information on drawdown.


This information is intended for investment professionals and should not be relied upon by private customers or any other persons.