Unlocking your Pension - what you need to know...

If you are thinking of taking or unlocking your pension then you need to consider all your options very carefully. There are an increasing number of options to choose from and it is no longer a case of "one size fits all".

Questions you may need to consider include.

How much tax free cash to take? In the majority of cases this will be capped at 25% of the value of your pension fund  

Do I need to take all of my pension now ,or should I delay? The longest period you can delay taking your pension is until your 75th birthday.

Can I take my pension benefits in small chunks? You may wish to phase your retirement.

What happens to the fund when I die? This varies according to whether you opt for an annuity or unsecured pension.

Do I want to leave some of the money invested? This generally involves more risk but may suit your circumstances.

What guarantees do I need? An annuity provides a guarantee of income until you die, and can provide varying levels of income for your partner or spouse.

Will my pension keep it’s buying power? With annuities there is the option of linking payments to the retail price index

The above is just a snapshot of some of the things to consider when considering taking your pension.  We can help with financial advice on pensions and can explain more fully what options may be available to you.

We can help with advice on buying Annuities and also Impaired Annuities

More on the cost of delaying an Annuity

Why not make an informal enquiry with us today and have a "no obligation" chat?