At Retirement

From the age of 55 you are entitled to commence your pension arrangements. You can take up to 25% of a Personal Pension Fund as a tax free lump sum and use the remainder to produce pension income either now or in the future.

There is a significant difference between the income you can receive from the various pension providers, which may not be made obvious to you. It is important to research the market to find the most appropriate product and not just accept what is offered by your existing provider.

Pension Annuity:  This provides you with a guaranteed income for the rest of your life and can be purchased from a number of companies.

Enhanced Pension Annuity: If you are or have been ill or smoke you can achieve better annuity rates and therefore gain access to an improved income. Typical conditions include heart disease, high blood pressure, diabetes etc. again we provide guidance.

Drawdown: This is a particularly complex area of pensions and does require specialist advice. Drawdown enables you to take an income from your pension fund with the remaining amount continuing to be invested for you.