Retirement planning has always been complicated and, despite efforts to simplify matters, it unfortunately remains so. For the vast majority pensions continue to offer significant benefits including:
Many business owners prefer to take control of their Retirement Savings using Self Investment Personal Pensions (SIPPS) or Small Self Administered Schemes (SSAS). These allow a wider range of investment choices.
Investments can go up as well as down
Once you are over the age of 55, you could start to take pension benefits and it is no longer necessary to purchase an Annuity but can have flexibility as to taking benefits and for most you can draw 25% of the fund value as a Pension Commencement Lump Sum (currently tax free) before deciding on how to take any income.
Since the Pension Freedom regulations were introduced, there are now numerous options on how you can take benefits from your Retirement Savings – including Annuities, Flexible Drawdown, small pots and Uncrystallised Fund Pension Lump Sums (UFPLS). Talk to us for further details
The Financial Conduct Authority does not regulate taxation advice.
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