When you reach your 55th birthday (It is intended that the minimum pension age will increase to 57 from 2028), you’re free to start withdrawing money from your SIPP. You can usually take up to 25% of the value of your pot tax free and the rest of your withdrawals will be taxed as income at your marginal rate of tax. Alternatively, you can use some or all of your pension to provide you with an annuity to provide a guaranteed income for life.