Income Drawdown / Unsecured Pension
Since income drawdown was introduced some years ago, anyone of retirement age with a defined contribution pension has been able to take income directly from their pension fund without needing to buy an annuity. Now, with the introduction of new ‘income drawdown’ rules, anyone with a defined contribution pension and age 55 or over, can use income drawdown to provide the income they need in retirement. Pension savers who are currently in a capped drawdown can move out of that arrangement whenever they choose.
Although you can withdraw up to 25% of your pension fund tax-free, anything else you withdraw from your pension pot will be treated as income and as such subject to the marginal rate of income tax.
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.
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