Whilst you cannot take benefits from the Plum SIPP and will have to transfer out to another pension plan to do so*, these general rules apply.

You may take income from your pension plan from age 55. You may also take benefits earlier if you suffer serious ill health or an illness or an accident that leaves you permanently unable to carry out your current occupation, and you cease that occupation.

If you are 50 or over the Government provides a free and impartial service to help you understand what your choices are and how they work. This can be accessed online, over the telephone or face to face - see www.pensionwise.gov.uk

It is strongly recommended that prior to accessing your pension benefits you seek advice from a suitably qualified financial adviser or obtain guidance from Pension Wise.

On death, different tax treatments apply depending on whether you die before or after 75 - please see the ‘What happens to my SIPP when I die’ article.

*Plum SIPP does not currently offer drawdown products. This means that if you wish to draw benefits or purchase a lifetime annuity, you will need to transfer your Plum SIPP fund to another pension plan.