Retirement

Annuities

An annuity gives you guaranteed income for life and is commonly purchased at retirement. ¬†Using a lump sum from your pension fund or savings to buy an annuity means you don’t need to worry about budgeting for an unknown period of time.

Remember that you can buy your annuity from any provider and as Independent Financial Advisors we can help you utilise your ‘Open Market Option’ to ensure you receive the maximum income available in the market.

Income drawdown

Income drawdown allows you to take an income directly from your pension fund while leaving the remainder invested for potential further growth.

It allows you to take control of how and when you receive your retirement income and you can choose a range of investments, but remember that the performance of the investments will affect the income you receive.

Fund withdrawal

Since April 2015 savers have been able to access their entire pension fund from age 55.  Just as before, 25% can be withdrawn tax free, however the remaining 75% can also now be withdrawn, subject to income tax at the highest marginal rate.