A SIPP is a taxfree wrapper that allows you to consolidate all of your UK pensions in one place. SIPPs give investors more flexibility and control than a traditional UK company pension. However, there is still a lot of misinformation floating around about the SIPP, particularly about withdrawal, the timeline, the benefit of the 25% lump sum, and the relationship with HMRC. Furthermore, there is still some ambiguity about the distinction between a SIPP and a savings account.

The very first thing to understand is that your SIPP is not the same as a savings account. You can withdraw from your SIPP once you reach the age of 55. On the other hand, if you have a savings account, you can easily access it with your finger tips, and dang! Your money is at your disposal.

Savings accounts are taxed at the marginal rate; however, SIPPs allow you to withdraw 25% of your SIPP fund taxfree. You could do this as an upfront, taxfree lump sum. Alternatively, you could have the first 25% of each drawdown payment be taxfree. In either case, you will be taxed on 75% of your fund when you withdraw it.

Savings accounts do not require you to legally go through HMRC to withdraw your money; however, SIPP withdrawals must legally go through HMRC. It means that if you withdraw funds from your SIPP, the provider will notify HMRC automatically.

In this video, we're going to discuss what's required to withdraw money from a SIPP.

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Video Timestamp:
00:00 – Intro
00:28 – SIPP is Not The Same As A Savings Account
00:53 – Any SIPP Withdrawal Have To Legally Go Via HMRC
01:17 – NT Tax Code
02:57 – SIPP Drawdown Timeline
03:30 – Taxation of SIPP
04:57 Always Withdraw Your SIPP in GBP
05:34 The Timeline of SIPP’s Withdrawal
06:26 – Outro



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Key Points In This Video:
✅ SIPP Withdrawal
✅ NT Tax Code
✅ The Timeline of SIPP’s Withdrawal
✅ Taxation of SIPP



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