Taking Your Pension

There has never been a time where you have had so many options as to how to take an income from your pension pots.

Sweeping changes to the pension landscape have resulted in you having the choice to use your pension in virtually any way you wish. Under The Pension Freedoms legislation you now have the options to:

  • Take nothing, and leave your pension invested to run with no fixed retirement age

  • Take some cash as a tax free lump sum

  • Take further cash withdrawals as taxable lump sums (drawdown)

  • Buy an annuity (guaranteed lifetime income)

  • Take the whole pot as a mixture of tax-free and taxable lump sum

  • A mix of the above to suit your needs

Everyone has a slightly different idea of how they want to spend their retirement, and everyone has different incomes, circumstances, responsibilities and health issues. These new pension income choices mean that it is possible to tailor your pension income to your own unique requirements.

Taking any part of your pension can be a very important decision, and it is wise to take expert advice before doing so. 

Contact us to help you choose the options that suit you best.