At-retirement and pension freedom – you have more choice than ever before
When to retire and how best to access your money in retirement are no longer simple questions to answer; pension freedom provides flexibility but makes decision making far more complicated.
If you are aged 55 years or over you no longer need to buy an annuity to access your retirement cash. For those able to benefit from pension freedom, it:
- allows you to choose how you access the money you have saved in your pension pot; and
- enables you to pass your pension pot(s) onto a nominated person on your death, when aged under 75 years, without incurring an inheritance tax charge.
How best to access your pension pot/s, savings, investments, and assets as tax efficiently as possible, should be of paramount importance if you are considering retiring soon. And making a wrong choice now could affect the lifestyle you have for the rest of your life.
Defined benefits pensions
In some circumstances if you have a defined benefit pension, it could be worth considering if it is financially worth transferring out of the arrangement. Transfer rates are currently at an all time high and considering alternatives may suit some. If you are interested in exploring this option, you must make sure you speak with a regulated, authorised and suitably qualified financial adviser. At Foster Denovo we have the expertise and qualifications to advise. Contact us to find out how we can help.
How we can help you
At Foster Denovo our specialist financial advisers will discuss all of your options with you. They will help you to make the right financial planning choices to achieve the lifestyle you want in retirement.
Our financial advisers can provide pension advice face-to-face, on the telephone or online using our online video meeting facility. Your first meeting, or call with an adviser, is at no cost to you. Your financial adviser will always agree costs with you before carrying out any work.
What to do next
If you would like to learn more or would like to book an initial Discovery Meeting at no cost to you, contact us today.
Accessing pension benefits early may impact on levels of retirement income and is not suitable for everyone. You should seek advice to understand your options at retirement.