Wednesday, 20 March 2013 13:50

Taking your pension benefits

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Firstly you can't get your hands on your pension until you're at least 55 years old, which is good because it gives you time to build up a bigger pension, without the temptation to dip into your savings.

When you take your benefits you can normally choose to take up to a quarter of your benefits as a tax-free cash sum.

You'll need to use the rest of the money you've saved in your pension to buy an annuity. An annuity is an investment that guarantees to pay you a regular income for the rest of your life, no matter how long you live.

Please remember, the amount of income provided by your pension will depend on a number of factors, including investment returns and annuity rates when you retire.

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

Jonathan Hales

Independant Financial Advisor

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