The world of pensions is a mystery to many, with a lingo of its own. Many people pay a bare minimum into a pension fund, because they believe they should, while other people avoid them altogether.
Pensions are often a popular topic in the media with less people paying into a pension fund and not realising the financial difficulties they may experience in later life. Planning for your future is imperative so it is necessary to understand the pension basics. This includes the options available to you when it comes time to take advantage of the money you have saved.
When approaching retirement, you need to decide the best route for you. Some people are happy to receive their standard pension annuity and get a set payment each month for life. However, other people will live more comfortably with a lump sum now and defer taking regular annuity income payments later on.
If you are aged 55 or over, we can help you draw a lump sum of up to 25% of the value of your pension fund. This is paid to you tax free. You can leave the rest of your pension in an investment fund as a way to try and grow your fund. We can even give you guaranteed growth on your fund if you are prepared to commit to a term of three years or more.
To discuss how to release tax free cash from your pension call us today on 020 33 55 4827. We will be happy to provide no obligation assistance.