Do I have to take an income ?

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If I don't want the whole 25% pension lump sum in one go, can I take say 10% now and then the other 15% at another time ? Answer : YES - see below

We are grateful to our website visitor who asked the question above.

We can help customers achieve exactly the outcome described above using just one pension contract. Other providers may require you to use several pension contracts to achieve the same result.

We are able to provide you with one pension contract that is able to identify exactly how much of the remaining pension fund is available for further pension lump sum withdrawals in the future. Not all providers offer this feature.
To get a quote simply click here, we will automatically send you an email confirming

your request, simply reply to the email informing us how much tax free cash you want. Even better why not give us a call and we can explain in full – we are a friendly bunch !!

Our approach of keeping everything in just one policy while keeping all of the customers options open, makes things easy and simple for the customer. If your provider does not offer these features then you will have to take out another policy to hold the money that has not yet had tax free cash withdrawn from it. Not only can some customers find managing multiple pension funds confusing, but is also likely to be more expensive in terms of costs and charges than our single policy approach.

Only taking the pension tax free cash you need, rather than all of it, could be a very astute financial decision. You are preserving your pension fund for the time when you retire – which is what it was for in the first place !!, but you may achieve more growth on the tax free lump sum you have yet to take. Of course funds can go down as well as up.

For example if when you are aged 55, the maximum 25% lump sum were £25,000. You decide only to take 10% or £10,000, thereby leaving the remaining 15% or £15,000 until you retire at age 65. However if you were to achieve 4% growth each year, then by the time you retire the £15,000 would have grown to £21,350.

This means that you will have taken total tax free cash of £31,350 - £10,000 (10%) when you were 55 and £21,350 (15%) at age 65.

Whenever you don’t want to take an income, ironically you have to use an income drawdown contract to take tax free cash. We will provide you with quotes, information pack and a qualified person who you can ask questions of either by email or telephone – all without any obligation. Once you have decided to take action we will do all the work for you and make the process as hassle free as possible.

For help call 020 33 55 4827 now.


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  The value of your pension fund can fall as well as rise.
  Published : 1st October 2013
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