Pension Freedom: Explained

On April 6th, new legislation was put into place that changed the way people approaching retirement can use the money in their pension pot. Here are some of the key options:

  • Buy a guaranteed income for life – an annuity
  • Invest your pot in funds designed to provide you with a flexible retirement income
  • Take small cash sums from your pot
  • Take your entire fund in cash
  • Mix the above options

What is right for you will depend on your personal and financial circumstances, the size of your pension pot, any other income or savings you have and your attitude to risk and capacity for loss

Do you need guidance?
At Financial Associates, we have a regulatory responsibility to provide you with honest and professional advice. If you would like to speak to your qualified Financial Adviser please call us on 01793 750101.

  • We are a regulated firm
  • We can choose products from a wide range of providers.
  • We can recommend a course of action that is personal to you and help you avoid making expensive mistakes.

Please remember that you could run out of money, lose benefits or face a big tax bill if you make the wrong choice when accessing your pension.

 

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The value of pension and investments can fall as well as rise. You may get back less than you invested.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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