Withdrawing from a SIPP:
A SIPP (Self-Invested Personal Pension) is a type of pension that gives you more control over your retirement savings. You can choose how your money is invested and when you want to withdraw it. However, there are certain rules and restrictions that you need to be aware of when it comes to withdrawing from a SIPP.
The most important thing to know is that you cannot withdraw from a SIPP before the age of 55. This is the minimum age set by the government for accessing your pension savings. If you try to withdraw before this age, you may face penalties and tax charges.
However, just because you can't withdraw from a SIPP before the age of 55 doesn't mean you can't manage your investments. You can still buy and sell investments at any time, giving you the flexibility to make changes to your portfolio as needed.
If you have any questions about your SIPP account, please refer to our FAQ section on "What are my options at retirement age?" for more information.
Withdrawing from an ISA or GIA:
Unlike a SIPP, there are no age restrictions when it comes to withdrawing from an ISA (Individual Savings Account) or GIA (General Investment Account). You can withdraw funds from these accounts at any time, without facing any penalties or tax charges.
To withdraw funds from your ISA or GIA, simply log into our app and go to the "Withdraw" section. Enter the amount you would like to take out and confirm your details. The funds will be transferred to your designated bank account within 1-3 business days.
It's important to note that withdrawing from an ISA will not affect your annual tax-free allowance. This means you can still deposit up to the maximum amount allowed by the government each year without facing any tax charges.
For security reasons, we may require additional identity verification for withdrawals over a certain threshold. This is to ensure the safety and security of your funds. If you need any assistance with your withdrawal, please don't hesitate to contact our customer support team.
We hope this article has provided you with all the information you need to know about withdrawing from your pension and investment accounts. If you have any further questions or concerns, please don't hesitate to reach out to us. We are always here to help you make the most of your financial future.