Retirement isn't what it used to be
Century certainly isn't what it was in the past. Instead of having your working life come screeching to a halt many people now ease their way into retirement. This could include part-time or consultancy work, leisure activities, volunteering and education, the choice is yours.These changes in our approach to retirement are reflected in the different ways an income can be taken from a pension .
If your beneficiary is your spouse or another dependant they also have the option to receive an income from your pension pot either through drawdown or by purchasing an annuity. Inheritance tax does not normally apply, but any income would be taxable at their marginal rate.The new flexible drawdown option allows unlimited pension withdrawals, as and when you want it. The same death benefits apply as for income drawdown. To qualify for this option you must meet set criteria including being in receipt of a secure pension income of £20,000. However if this isn't the case you can still draw a variable income up to a fixed maximum using standard income drawdown.
Please bear in mind additional flexibility comes with additional risks. Unlike an annuity, income drawdown is not secure. Your pension remains invested so the fund value and income will fall in value as well as rise with your investments' performance. You can draw your income directly from your pension fund, which can deplete your fund over time. Income withdrawals and falls in the valuation of your investments mean that the fund will be smaller and less able to grow or support future payments. Drawdown is therefore not for everyone, it should only be considered by those who can afford to take these risks. It is a complex product; if you're at all uncertain about its suitability, we strongly recommend you seek financial advice - please call us to speak to an adviser.
The option (or options) you pick at retirement will depend on your circumstances and attitude to risk. For those with large pension pots or sources of income elsewhere, drawdown could offer a flexible additional income source. Others may be able to combine an annuity with income drawdown to find a suitable mix of flexibility and security. While many more still need the security of an annuity and the peace of mind that a fixed income can offer.
Quotes On Retirement - News
quotes and illustrations for income or flexible drawdown and annuities - call them today on 0117 980 9940 to find out more or request your free quotes online. Alternatively request our FREE guide to your options at retirement as a download or by post.
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