How we help with your pension
1. Cash from Pension
Sometimes called Tax Free Cash or Pension Commencement Lump Sum
Maybe it is only cash from a pension you need right now. To qualify you must be over the age of 55 and your pension from a UK source and you must not already be drawing a pension income from it.
2. Income Pension
You may require additional money due to a change in circumstances. It is not necessary to stop working to be able to take income from a pension. You can do both! Therefore, if your income has reduced or you wish to work part time but need to top-up your income, it may be possible to draw an income from your pension whilst still working.
This does not have to be in the form of a Lifetime Annuity (though that is possible). There are alternatives to purchasing a lifetime annuity, such as a ‘fixed term annuity’ or a ‘Flexi-Access Drawdown’ contract. These alternative products are flexible and may perhaps better accommodate your needs, especially if your need for extra income is temporary.
3. Shop around for the best annuity
If purchasing a lifetime annuity is right for you, it is important to shop around for the best rate on the market. As an Independent Financial Adviser that specialise in pensions we have access to the entire market and can make that comparison for you as well as advising on the most appropriate basis to take your annuity.
If you have a health issue it may be possible to increase the value of your annuity via the enhanced annuity market. We can advise you if you qualify for an ‘Enhanced Annuity’.
If you’re not sure:
Then it is important that you take advice from a pension specialist like ourselves. The Pension House will give you clear advice on which option is right for you and your circumstances.
We will help you to consider all the options available and steer you through the process. Make no mistake; retirement benefits are a big step and will affect your income for the rest of your life.
We advise you not to try and do it on your own, but to seek professional help as it can be an overwhelming and difficult decision. You can seek free guidance from ‘Pension Wise’ but they won’t advise which option is best for you.
We can and will provide financial advice, recommend the most suitable option and you will have the back up and support of the UK regulatory system having taken advice from a registered and authorised financial adviser.
FOUR RETIREMENT OPTIONS
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We can provide a scheme review and audit as well as helping you to communicate the pension scheme.