Monthly Archives: May 2017

Using your pension pot

Posted on May 5, 2017 by - Financial

More choice and flexibility than ever before

Under the pension freedoms rules introduced in April 2015, once you reach the age of 55, you can now take your entire pension pot as cash in one go if you wish. However, if you do this, you could end up with a large tax Income Tax bill and run out of money in retirement. It’s essential to obtain professional advice before you make any major decisions about how to access your pension pot.

Taking your pension

Posted on May 5, 2017 by - Financial

Using different parts of one pension pot or using separate or combined pots

Under the new flexible pension freedoms rules, you can now mix and match various options, using different parts of one pension pot or using separate or combined pots.

Buying an annuity

Posted on May 5, 2017 by - Financial

A regular retirement income for the rest of your life

One way to use your pension pot is to buy an annuity. This gives you a regular retirement income, usually for the rest of your life. In most cases, this is a one-off, irreversible decision, so it’s crucial to choose the right type and get the best deal you can.