Pensions

Pensions Advice

 

Flexible Access Drawdown

Expert advice to help you flexibly access your pension, unlock your pension benefits, or take tax free cash.

Since the introduction of pension’s freedoms, it is now possible to access your pension in the way that suits you best. Provided you are aged 55 or over, you can use flexible access drawdown to access your pension, whether you are retired or not. This allows you to decide how much income or lump sums you require from your fund, and when you want them. Having enough income in retirement is important, but sometimes just being able to release some cash can provide a solution to many of life’s problems or unexpected expenses. It may even be the means by which you can help your family get on the property ladder, or support them through university. lt is always wise to seek professional financial advice before going down this route. We can help by providing a cash flow analysis, which will allow you see the effects of removing lump sums, or taking an income. We can also assess how long your pension fund is likely to last, or how much you can take from it. Of course, it is ideal if you do not need to access your pensions before retirement, and it still possible to take tax free cash and a lifetime annuity, which provides a guaranteed income for life, and does not carry the investment risk associated with flexible access drawdown.

Building your pension pot

The retirement landscape is getting tougher with the state retirement age regularly increasing. Even when you get your state pension it is unlikely to meet more than your most basic needs. Planning for retirement is therefore vital if you want to have any quality of life when you retire.

Auto enrolment has been introduced by the government in an attempt to address the savings gap that many people have, although it is still possible to opt out of your employer’s pension arrangement.

If you are unsure of what retirement will look like for you, then an independent appraisal will help identify any shortfalls in your existing arrangements.  Pensions remain the most tax efficient way to save for the future due to tax relief on your contributions, and virtually tax free growth of your pension fund. On retirement, 25% of your pension fund is usually tax free, although income or further withdrawals will normally be taxable.

With independent tailored advice, we can help you maximise your retirement potential, while minimising the effects of taxation. During the period you are building your pension fund, we can also ensure that you are investing in funds that are appropriate for you, and which only carry the level of risk you are happy to accept.

Edward Wilson Financial Ltd is authorised and regulated by the Financial Conduct Authority. (www.fca.org.uk)FCA no.677842 . Registered in Scotland No. SC495979 Registered Office: 92 Broomfield Road, Portlethen Aberdeen AB12 4SU

 

The advice and/or guidance contained within this site is subject to UK regulatory regime, and is therefore restricted to consumers based in the UK. The information contained in this website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.