You no longer have to purchase an annuity with your defined contribution pension. There are other options available to you.
In April 2015, the tax rules were changed to give people greater access to their pensions. Drawdown of pension income is taxed at marginal income tax rates rather than the previous rate of 55% for full withdrawals. The tax-free lump sum continues to be available. There are six options available including, leaving the pension pot untouched, purchasing an annuity, getting an adjustable income (Flexi Access Drawdown), taking cash in chunks (Uncrystallised Funds Pension Lump Sum), cashing in the whole pot in one go and mixing any of the options. If you require advice as to which option or combination is best for you, then please contact me for your no obligation complimentary initial meeting.
Call us on 016973 25852 or 07946 438807
Landline Monday to Friday 9:00AM to 5:00PM ( mobile 8:00AM to 8:00PM )
Lighthouse Financial Advice is a trading style of Lighthouse Financial Advice Limited, an appointed representative of Lighthouse Advisory Services Limited which is authorised and regulated by the Financial Conduct Authority.
Lighthouse Advisory Services Limited is a wholly owned subsidiary of Lighthouse Group plc