NEARING RETIREMENT

As you approach retirement, there are several options you can take and choices you will need to make.

We can help you make the right decisions.

You may use your pension fund to purchase an annuity from a suitable annuity provider. This can provide you with a secure income for life – no matter how long you live.

Alternatively, Flexi-access Drawdown allows you to take an income directly from your retirement fund, rather than buying an annuity. If you’re thinking about this option, you will need to take specialist advice. *

Pensions freedom

The Pension Freedom Reforms, implemented in April 2015, changed retirement planning significantly.

Individuals now have full access to Defined Contribution (DC) pensions from the age of 55, with unrestricted income available, subject to paying their marginal rate of Income Tax on any taxable withdrawals.

It is still possible to take up to 25% of the pension fund as tax-free cash.

DC pensions can now be passed to anyone after death, not just a dependant.

Income taken from a DC pension by beneficiaries will be tax-free, if death occurs before the age of 75 and at the beneficiary’s marginal rate, if death is later than this.

*The level of income from pension drawdown is not guaranteed. There is a very real chance that you may need to reduce your drawdown income in the future, in particular if the performance of your investments is lower than expected, or you live to a greater age than originally anticipated when choosing your initial income level.

The value of this investment will be directly linked to the performance of funds you select, and the value can therefore go down as well as up. You may get back less than you initially invested.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.

Testimonials

I have known her as our family Financial Adviser for about 10 years. She has always put my interests first and given sound advice. I found her to be pleasant and trustworthy. Her service and support has always been exceptional. I get great pleasure in recommending her to anyone.
Thurairatnam Kathirgamakarthigeyan
Retired Eye Surgeon
Andrea has been wonderful, and I feel confident in discussing my financial matters with her as I know she will treat my affairs confidentially. She has always been there whenever I needed - literally with a click of a button and the support, she provides is extraordinary. She has gone out of the way to help me on a few occasions. I will not hesitate to recommend her to anyone.
Sandy Shiralkar
Consultant Vascular Surgeon
Andrea has provided us with exceptional service and advice. We feel that Andrea has listened to what we want and need and has helped us to build a robust retirement plan. We would recommend Andrea to our friends and family.
Claire Richards
Manager

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