Following legislative changes in 2015 many people now enjoy greater flexibility in how they manage their defined contribution “pension pot”, with income drawdown among popular options.
If you qualify this enables you to take up to 25% of your pension as a tax-free lump sum. With some older pensions you may be able to withdraw a higher percentage.
What you leave in your pot can then be reinvested in funds usually purposed to provide you with a regular retirement income.
You can learn more about income drawdown - also known as pension drawdown - by reading the government’s Money Advice Service guide, What is pension drawdown?
Income drawdown is a complicated business.
Whilst it may be a great solution for many people, it may not be the right vehicle for others (or available to them).
That’s why it’s a good idea to seek out the very best independent financial advice when considering income drawdown.
At RBIG Financial Services our expert advisors will be pleased to take time to fully understand your financial situation, attitude to risk and retirement aspirations.
They’ll then make an independent and expert recommendation. This will marry your needs and wants to the most appropriate and tax efficient financial products offered by the providers with whom we have forged relationships over many years.
Grounded in decades of experience, our professional advice spans all the key products and issues, including: