What is a pension?
It’s a plan which is set up to help you to save money with the aim of providing you with an income in retirement.
Contributions are often made directly by you or your employer and its possible to benefit from tax relief on the contributions which are made.
It’s never too early to start planning for retirement, and the sooner you start to pay into a plan the potential to save more for your retirement is greater.
The types of Pensions we provide advice on include:
- Personal pensions
- Defined benefit/final salary
- Self-invested personal pensions (SIPP)
- Small self-administered schemes (SSAS)
When can I take my money out?
Since the budget in 2014, you are now able to access your pension funds from age 55 (only certain circumstances will allow access prior to this) however, some people decide to leave their funds invested until they finish working.
Once you are ready to start taking an income from your plan then you will need to decide whether to take a guaranteed income option (annuity) or flexible income option (Flexi-Access Drawdown). With either of these options you can usually choose to take up to 25% of the pension fund as Tax-Free cash.
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