Taking Pensions

Taking Pensions

Once you pass the age of 55 you are free to take your pensions at a time of your own choosing. There is not a requirement for you to have stopped working for you to take the benefits from your pension funds.

However, in deciding to take the benefits you will be faced with a bewildering choice of how you wish to “take” your pension income.

We can guide you through this most important decision by providing you information on ALL schemes and choices and “shopping around” for you to ensure you get the best value.

There are a vast array of schemes and options and often you will only get the one chance to make this all important decision. If you were only ever to take advice at one time in your life then this should be it. Failure to get the best options now can adversely affect you for the rest of your life.

REMEMBER: Our quality service ensures YOU get the most from your Pensions.

retirementeggWithdrawals from your pension fund

A pension drawdown allows personal pension holders to withdrawals from their pension fund (pension drawdown) instead of  being required to buy a pension annuity with the pension remaining invested with an insurance company. This gives the pension holder more control over their pension.

The value of units can fall as well as rise, and you may not get back all of your original investment.

Significant advantages of income drawdown are the ability to take the tax free lump sum of 25% while leaving the pension fund invested and improved death benefits for a spouse or beneficiaries. Although this option may be riskier than taking a pension annuity to begin with, you could save money by reducing your income in some years, thus avoiding higher rate tax liability.

Annuities Explained

When you retire, or continue to work but decide to begin drawing your pension, you have the chance to purchase an annual pension called an annuity.

At retirement you will be entitled to a tax-free lump sum, up to the value of twenty-five percent of your total pension fund, and the remaining seventy-five percent can be used to secure a retirement income. Essentially, you can sell your remaining pension fund, or your total pension fund if you choose not to have a tax-free lump sum, to an insurance company. The insurance company takes your pension fund and offers you an annual pension in exchange. You are effectively buying an annual retirement income using your pension fund as payment; this is known as purchasing an annuity.

We provide expert advice to help you choose the right annuity for you, contact us today for more information.

A pension is a long term investment. The fund value may fluctuate and can do down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation

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