Pensions – Take Benefits
Options for taking the benefits from your hard-earned pension fund have changed
Retirement is changing, and people are living and choosing to work longer. Pension benefit options were too restrictive but we certainly couldn’t have predicted the changes that have been made in recent years.
The pension system needed to change to reflect our change in lifestyle, but no-one could have foreseen how far the Government were prepared to go. The introduction of ‘Pension Freedoms’ was a bombshell to most of us, however it has brought exciting and challenging opportunities.
We feel planning in retirement will be even more important now, as many may not buy a fixed income with their pension in the future. New products are coming onto the market, and at the same time individuals will probably have to keep a closer eye on their accumulated pension fund to make sure their income will be sufficient for the whole of their lifetime and does not diminish too quickly or, in the worst case, run out.
Withdrawing your whole fund at once is now technically possible, but is it a good idea? Often this can incur an unnecessarily large tax liability, which can be significantly reduced with proper planning.
We are here to help you understand what your retirement options are, and to help you review the position during your retirement.
Please contact us for a Free Initial consultation, without obligation, to see how we can help.