I'm 72 and still haven't drawn anything from my £1m pension. What should I do with it?

In our weekly series, readers can email any questions about their finances to be answered by our expert, Rosie Hooper. Rosie is a chartered financial planner at Quilter Cheviot and has worked in financial services for 25 years. If you have a question for her, email us at money@inews.co.uk.

Question: I’m 72 and have a self-invested personal pension (Sipp) worth £1m – but I still haven’t touched it yet. I’m wondering what I should do with it?

Answer: Firstly, congratulations. Reaching retirement with a £1m pension and seemingly no urgent need to draw on it puts you in a position many people would envy. The difficulty is that the answer to “what should I do with it?” has changed quite significantly due to upcoming pension changes.

Shorts

A few years ago, my answer to this question would probably have been quite straightforward as if you didn’t need the money and had other assets to draw on then leave the pension alone.