Want to take a Pension?
Read about our unique drawdown solution
Don’t want to have to pay to start drawing an income from your pension scheme? Liberty’s approach to taking a Pension Drawdown is simple and unique.
Unlike many companies we don’t charge you extra when you want to draw an income from the pension scheme which, after all, is the reason for saving in a pension scheme in the first place!
We won’t charge you to drawing an income, we won’t charge you for paying the income under PAYE and we won’t charge you for the statutory five yearly review of your drawdown income status.
If this is all you are using your SIPP for, you will ONLY pay the basic SIPP fee of £350pa*.
No one else does this – so why do we?
Our market research shows that the SIPP industry failed to provide a simple and cost effective solution for consumers to draw an income from their pension schemes without incurring a myriad of additional charges.
People shouldn’t be penalised for wanting to utilise a legitimate means of enjoying the pension fund they have assiduously cultivated, it doesn’t make sense – to us at least!
This fits into our ethos that the standard annual fee should include the basic services that you should expect from a pension scheme and additional fees are only due where clients utilise these options. If all you want to do is take an income from the scheme, this is a basic function of a SIPP and hence is covered in the basic fee.
SIPPs should be easy to understand and taking a pension should be uncomplicated and cost effective to arrange.
Protected Rights Drawdown
And there’s more.... with a Liberty you can also take your Pension using your Protected Rights monies. This gives you the opportunity to take tax free cash and begin getting regular payments from funds which up until recently you may have only considered as accessible once you take an annuity.
For more information on taking a pension, read our guide: The low-down on income drawdown - is it suitable for you?
There really is a lot you can do with your pension with Liberty, please feel free to contact us for further information.
If you are transferring into Liberty specifically to set up a drawdown there will be additional fees to set up the scheme, but after this process is finished you will be able to draw your pension with the clear understanding that your fees are set and we won’t load on fees like many of our competitors justify under the guise of using a basic SIPP feature.
There will be a charge should you wish to amend the level of income paid from the Scheme during the Five years since your last review. This is a modest charge to cover the additional administration that it necessitates.
* Assumes only one arrangement and cash deposit investments with RBS. Fees subject to VAT