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    • Home • Advice • Common questions

    Are there low cost providers who accept SIPPs in drawdown?

    11 October 2021

    Question by Greg

    I am 72 but apart from the tax free content have not yet drawn down on my SIPP. My current adviser charges 2% per annum which will be a noticeable chunk of my future income so I am thinking of transferring to a lower cost provider. It seems the robo-investors don't accept SIPPs in drawdown and I don't want to advise myself. Are there low cost providers who accept SIPPs in drawdown?

    Answered by James Greenly

    Hi Greg

    Firstly, 2% a year is very high, so you're doing the right thing by shopping around.

    I am aware that PensionBee does (or at least used to) accept SIPP transfers in, even those that are in drawdown. Boring Money have done some research into them so that would be a good place to start.

    Best

    James

    Answered by

    James Greenly

    Chartered Financial Planner

    I am a Chartered Financial Planner at Capital Asset Management, a boutique financial planning and wealth management firm based in the City of London.

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    Important stuffHolly and the team have worked in the finance industry for many years but we are not regulated to give you personal financial advice. For every story on this website about a good investment, or something which went up by 10% or made someone £200, we could also share a story about a bad investment, something which fell in value or lost someone £200. We aim to provide general information and pointers – and btw we are totally agnostic about which providers you might pick – but if you have complex affairs, want personalised advice or need specific recommendations, please look at advice pages and see if regulated digital or traditional financial advice would be the best solution for your needs. Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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