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Pension Income Drawdown – A flexible way to access your private pension

Since Pension Freedoms were introduced in 2015, people now have more flexibility when it comes to accessing their private and old workplace pensions. If you’re 55 years or older Pension Drawdown, otherwise known as income drawdown; can be the ideal way to take control of your personal pension.

What is Pension Income Drawdown?

Pension Income Drawdown is a way of accessing your private pension(s) while keeping the balance of your funds invested. Pension Income drawdown is a more flexible way of taking an income or a one-off tax-free lump sum from your pension pots.

  • Get your free Pension Drawdown check

  • :

Pension Income Drawdown – A flexible way to access your private pension

Since Pension Freedoms were introduced in 2015, people now have more flexibility when it comes to accessing their private and old workplace pensions. More importantly, if you’re 55 years or older Pension Drawdown, otherwise known as income drawdown; can be the ideal way to take control of your personal pension.

What is Pension Income Drawdown?

Pension Income Drawdown is a way of accessing your private pension(s) while keeping the balance of your funds invested. Drawdown is a more flexible way of taking an income or a one-off tax-free lump sum from your pension pots.

Main types Pension Drawdown

There are two main types of pension drawdown

  • Flexible Drawdown – Where you can withdraw income from your pension when you require it. The flexi-access drawdown was introduced in April 2015, as part of Pension Freedoms.
  • Capped Drawdown – Only available if you were receiving your pension before April 2015. This has a set cap of the income you can receive.

Why could Pension Drawdown be right for you?

There could be many benefits of drawdown for you and your pension.

  • 25% Tax-free lump sum – If you’re 55 years or older, you could take a tax-free lump sum from your pension. For example the lump-sum could be used to pay off your mortgage or other debts while you’re still employed and keep the rest of your pension invested.
  • More flexibility – With flexible drawdown, you can take money out of your pension when you need it, leaving the rest invested.
  • Investment growth – Even after you have retired by using pension drawdown, your pension investments could continue to grow unlike if you purchase an annuity.

What is Flexi-access drawdown?

Flexi-access drawdown allows you to take unlimited, but taxable withdrawals from your pension. It is combined with the option to pass funds on after death which makes flexi-access drawdown an appealing option when taking pension benefits from a money purchase arrangement.

Why use an Independent Financial Adviser?

If your pension funds are valued over £30,000, and you’re looking at your options for pension drawdown, it’s recommended that you take professional advice to ensure you’re making the right decisions with your financial future.

Our job as pension drawdown advisers means we will assess your current pension provisions and deliver a comprehensive report that will outline all your options. The report will also explain how your current pension(s) are performing and whether there are better products for you on the market. This is what we call a ‘Pension HealthCheck’ and is entirely free and without obligation.

Where our advice is to switch your pension into a more suitable policy that offers drawdown, we can handle the switch for you, making it as smooth and straightforward as possible. Our fees for this service are among the lowest in the industry.

Contact us today by calling 0808 164 2664 or fill in the form.

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Why Pension Works?

Our open and transparent service always puts you first, and our advice would be in your best financial interests.

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Who we work with

As independent financial advisers, we are not tied to any pension provider. This allows us to work with the whole of the market; ensuring we find the right pension for you.

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