Reply To: Technical question regarding HYP and SIPP

[Nigel Roberts]

Gareth,
The answer is that as soon as you start withdrawing funds you are taking money out and so you are in draw down – I believe that you are able to continue to contribute while in drawdown – but I am sure that this would be counterintuitive…. also I think once you withdraw funds the amount you can contribute drops dramatically – you need to take proper advice!
You also need to be careful about transferring company pensions into SIPPS and you most definitely need proper financial advice before doing that.
Nigel