At Retirement Pension Income And Annuity Options

Putting Together a Tax Efficient Income Strategy

Once you reach the stage where you are considering your retirement income, expert financial advice becomes even more important. Many of the choices you make at this time will affect your lifestyle so you need to make sure they are right, both from an income position, but also from a tax perspective.

 

Since pension “freedoms” came into force as a result of the Pension Act 2015, the choices people have at retirement are often mind blowing. Some argue that your pension fund should now be seen as a “pension bank account”, with 25% being tax free and the remainder potentially being liable to income tax all starting from age 55, when it is possible to take out the whole fund at that point.

 

What is listed below is just a sample of things for you to consider:

 

•  Annuity Purchase 

• Impaired Life/Enhanced/Smoker Rate Annuities 

• Investment Linked Annuities 

• Income Drawdown (Pension Fund Withdrawal) 

• Flexi Access Drawdown (or sometimes referred to as the “take out what you like, when like, drawdown scheme”) 

• Pension Lump Sum Investment/Portfolio Planning 

• ISA Investment 

• Income Producing Investments 

 

Due to the benefits of retaining your pension for as long as possible from an IHT perspective; “should you be accessing your pension fund as your first port of call?”

 

Please contact info@sancusrp.co.uk for more information, help and guidance on our Retirement and Financial Planning Service.