Taking your pension benefits
When you are at the point of retiring, the new pension freedoms have opened up all sorts of alternative strategies to taking your pension benefits.
Retirement Advice at the time of retirement is an absolute must. Everyone’s circumstances are different and retirement plans must reflect your needs not that, of your next door neighbour.
True Bearing Chartered Financial Planners run Retirement Workshops for many major North West employers. These include Universities, Local Authorities, Teachers Authorities, Police Forces, as well as companies in the private sector. Oil and Chemical Companies, and luxury Car Manufacturers.
Amongst the many ways of taking pension funds are:
Annuities and Enhanced Annuities – an annuity is a guaranteed income for life. Still today a very valuable certainty to have. Enhanced annuities give higher incomes if your health is not too good or you smoke. You should always check this option.
Drawdown – drawdown has now become more common since George Osborne introduced greater pension freedoms. Varying amounts of capital can be taken from your pension pot. It depends on your wishes.
Phased Retirement – occurs where you phase in portions of your pension fund over several years. This may be useful where your full retirement is staggered.
Guidance v Advice
Guidance is supplied by the Citizens Advice and The Pensions Regulator. It is NOT regulated advice, but is helpful assistance to you. It is FREE.
Advice is fully regulated, far more detailed, and specific to you and your particular situation and needs. It is provided by a Financial Adviser and you will pay a fee for it.
For more help from an IFA who understands you and all the options, please leave your contact details. A True Bearing Financial Adviser will contact you.