Phased retirement and simplified pension plans

Are you age 55 or over?

If you are a member of an SIPP and age 55 or over, you can transfer all or a part of the sums credited to your locked-in account and not locked-in account in order to receive a retirement income. You can also, with your not locked-in account, receive a refund, that is, a cash payment. However, it is possible that your member contributions cannot be refunded before the end of your active membership.

You do not have to reach an agreement with your employer to make the transfer or receive the refund. You can do so even if you do not reduce your work hours.

Financial consequences to consider

Of course, any withdrawal will affect both your current income as well as your future retirement income. It is important to plan carefully.