Retirement Planning
What is a Pension?
A pension is a plan designed to help you save money to provide an income during retirement.
Contributions can be made directly by you or your employer, and you may benefit from tax relief on these contributions.
It’s never too early to begin retirement planning. The sooner you start contributing to a plan, the greater your potential savings for retirement.
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)
Want to know more about Pensions?
When can I take my Pension money out?
Since the 2014 budget, you can access your pension funds starting at age 55, though early access is allowed only in specific circumstances. Many individuals choose to keep their funds invested until they retire.
When you’re ready to begin receiving income from your plan, you’ll need to decide between a guaranteed income option (annuity) or a flexible income option (Flexi-Access Drawdown). With either choice, you typically have the option to withdraw up to 25% of your pension fund as Tax-Free cash.
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