Having worked hard to save towards retirement, it is extremely important that you are aware of all of your options when it comes to the point that you wish to start enjoying the benefits of those savings.

Previous restrictions that forced savers to use their pensions to buy a guaranteed income for the rest of their life (an annuity) have now been removed which now offers the potential for a much greater level of flexibility in how you use your benefits to provide for your retirement.  You no longer have to adhere to the traditional idea of retirement where your working life ends when you reach a certain age and many now adopt a more flexible approach to retirement.  This can include reducing the number of hours worked, taking on a less demanding role or perhaps volunteering and this can allow many to begin enjoying the lifestyle that they have always wanted at an earlier age.

However, this flexibility leads to a number of new considerations.  Whereas with an annuity, everything is taken care of at the point of the income coming into payment, when taking your retirement benefits flexibly, you need to consider not only the tax implications of any withdrawals you make but also whether the remaining savings will last for the remainder of your life.  These are extremely important issues and it is important to undertake the right planning to ensure that you do not run out of money at a time when you may be most vulnerable. 

We will help with these decisions to ensure that your income in retirement is as tax efficient as possible so that you get the maximum benefit from them.