Making Pensions More Usable
Pensions freedom opened up the ability to access pensions money through drawdown, which has made pensions more usable in retirement, with more ability to access capital, potential retire earlier, etc. However, without diligent guidance and management of your pensions you could get yourself into trouble and potentially even run out of money too soon.
We provide advice and guidance with drawdown to help you understand what you can take from your pension, whilst still keeping it ‘sustainable’ to support your financial needs for life. We help manage the investment of the pensions to get the most from your funds to provide for your needs.
How Much Income Can I Take?
The amount of money you can take from the drawdown will depend on a number of factors and type of investments you select that will provide the growth. It is important to understand and assess your needs and objectives.
Does this drawdown only need to provide income for a period of time (say until the State Pension starts)? Or does it need to provide a growing sustainable income for life? By understanding this we are able to guide and advise you on what is prudent.
Can I Take Out A Lump Sum?
Under pensions freedom you can access your entire pension pot from the age of 55. How much you take will depend on how much tax you wish to pay and if the remaining pension pot would then provide a sustainable income to meet you needs.
To discuss taking a lump sum from your pension contact your local adviser.
How Is The Money Invested?
When you are taking money out of your pension, there needs to be a return going into the pension to replace what you are taking, otherwise you will just eat into your own capital and eventually you will run out of money. How the money will be invested will depend on your objectives and your attitude to risk profile.
We would get to understand your needs and objectives and then discuss investment options and risk with you. Once we understand this, we would design a portfolio that best suits your needs and profile to help support your objectives.
Contact your local pensions adviser
We have offices across the South of England ready to help and advise on your retirement needs and drawdown. Contact our pension advisers today to find out more and discuss your needs.
What our client sayView all Quotes
They have always offered sound advice which has enabled me to enjoy my retirement. Whilst having a reasonable standard of living, my core investments continue to grow meaning that my pension pot is still growing and my income from my pension pot is in place for many years to come.
Mr G Lindley, salisbury
Having imagined that we would have to continue full time work until State pension age (66, we are currently 64 and 61) Gavin showed us that with careful planning we need not to. We managed to go part time 18 months ago and retired fully last week! Happy days.