Recent changes in Government legislation have revolutionised pensions and savings which includes being able to access to your pension pot from age 55 and freedom in how you take your benefits.
While in the main this is extremely good news, the increased choice also brings a level of complexity that warrants high quality advice.
There are several options available:
- Leave your pension as is and take the money later
- Receive a guaranteed income (annuity)
- Receive a flexible income (drawdown)
- Take cash in segments (drawdown)
- Cash in your whole pension in one go*
To achieve pension freedom it is imperative that you receive high quality financial advice to make the most of the new options available in order to secure a better financial future.
* This can give rise to a very high tax charge and you should always seek professional advice.