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Your retirement options
Since 2015 when the new pension freedoms started you can access your pension pot at any time after the age of 55. You can take your money either as a lump sum or as regular income. Normally 25% of your pension
pot is tax-free and you pay tax on the other 75% when payments are taken.
In practice, most people convert their pension pots into cash or income by:
- taking a cash lump sum (less tax)
- purchasing a lifetime annuity
- Investing in a pension drawdown plan
It is not a black or white choice because you can have any combination of options. If you or your adviser decide an annuity or drawdown is the
best option you do not have to arrange this with your existing pension company and you can shop around for the best deal in the market.
Find out more about your retirement options
I will be pleased to discuss your retirement options or get you annuity or drawdown illustrations.
Please call me for a without charge or obligation chat.
If you want to make the most of pension freedoms you should start planning ahead and make sure your financial affairs are in good shape in the years running up to retirement.William Burrows
Call: 07730 435 657
Leeds Innovation Centre
103 Clarendon Road
LEEDS, LS2 9DF