Making the Most of Your Pension Savings
When you come to access your pension benefits, there are a number of options available depending on your circumstances, objectives and income needs. These may include:
- Leaving your pension invested and taking benefits at a later date
- Taking tax-free cash, where available
- Purchasing a guaranteed income through an annuity
- Taking a flexible income through pension drawdown
- Withdrawing lump sums as and when required
- Combining different options to suit your changing needs
While pension flexibility can provide greater control over your retirement income, the choices available can be complex and may have long-term implications for your financial security. Tax treatment will depend on your individual circumstances and may be subject to change in the future.
Pension benefits can normally be accessed from age 55, although this is due to increase to age 57 from April 2028 for most individuals. Different rules may apply in certain circumstances, including ill health or where a protected pension age exists.
Before making any decisions about accessing your pension savings, it is important to understand the options available and their potential impact on your retirement plans. Our financial advisers can help you make informed decisions that are aligned with your objectives and long-term financial wellbeing.
The value of your investment can go down as well as up and you may not get back the full amount invested.