You’ve worked hard all of your life and have finally reached retirement. The decisions that you make at retirement can affect your standard of living for the rest of your life. We have the experience to advise and help you to make the right decisions at retirement for your Financial Planning requirements.
It is important that you take your time and make the right decisions here.
Some of the areas that we will advise you on at retirement are as follows:-
Drawdown Pension is only available from money purchase schemes (or by first transferring into a money purchase scheme, which is likely to involve charges). There are two types of drawdown pension arrangement, income withdrawal and short-term annuity. You do not have to buy an annuity when you want to start taking an income from your pension fund. Instead, you can put off buying an annuity, perhaps indefinitely, and in the meantime, you can take an income direct from your pension fund. This facility is referred to as Drawdown Pension.
If you want to take part of your pension fund as a tax- free lump sum (usually up to 25% of the fund) you do this before starting to take income from the fund. All income from drawdown pension or short-term annuity contracts (if it exceeds your Personal Allowance) is subject to income tax in the same way as earnings. If you have never had a drawdown pension plan before then the drawdown product available to you is flexi-access drawdown.
If you need expert advice regarding retirement planning, call Clear Finance on 01302 835 938
If you need expert advice regarding retirement planning, call Clear Finance on 01302 835 938
Annuities conventional
This is the most basic type of annuity and pays you a guaranteed income for your lifetime.
A lifetime annuity pays a guaranteed income for your life from the funds you have built up in your pension plan. Your annuity provider will pay you a regular income taxed in the same way as earnings. The amount of income payable is dependent on your age and health, the size of your pension fund, economic factors, the type of annuity and the options you select. You should also be aware that once you have purchased an annuity you cannot cash it in or make changes to your selected options.