What the pension freedoms mean
The pension freedoms mean a whole new world of choice on how to draw income in retirement. From age 55, individuals can now access their defined contribution pension savings and can choose from a number of retirement income options.
There are 3 simple questions to address when considering your retirement options:
1. What do I need to know?
This is crucial as you need to have a clear understanding of what options are available. You also need to be aware of the advantages and disadvantages of these options when taking into account not just pension savings, but also other savings, investments and assets which may be used to generate income in retirement.
2. What is right for me?
Often people need support to work through what is the correct personal decision or indeed the first of what may be a series of decisions in the lead up to retirement and throughout retirement. Assessing the full value of assets available to provide retirement income and critical questions, such as, “should I fully retire, delay my retirement, or do I take a flexible approach to retirement?” need to be considered. We can guide you through these various options and advise you on the most appropriate route, having considered your personal circumstances and objectives.
3. How do I implement my chosen option(s)?
Whether it is some form of income drawdown, annuity purchase, phased retirement or a combination of options, we can help you implement your chosen option(s).
Pension freedoms have brought greater flexibility and choice; but it is important you seek guidance and take regulated financial advice so that you can make a more confident and informed decision about your pension savings. This is where we can help. We have a comprehensive service offering to help you meet your needs– not just at the point of retirement but in the years leading up to retirement and beyond.
If you would like to discuss how we can help you make the most of the pension freedoms, please contact us.