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It’s never been more important to consider the ways in which you can boost your pension pot (no matter what your age) to ensure financial security later on in life.
The 2015 Budget introduced legislation that enables those over the age of 55 to extract their full pension fund in one lump sum. Although this sounds like an desirable opportunity, the high tax implications of this removal after the lump sum entitlement could mean it’s not suddenly such an appealing option. With new legislation, it’s essential that you are well informed of the recent changes and your available options, and at The Money Map, our experienced advisers can help you with your financial navigation.
We specialise in providing thorough, cost-effective advice on retirement options including annuities, drawdowns, triviality, and small pension pots, and speak in plain English to ensure you gain the good financial understanding that you deserve.
Here is a brief explanation of just some of the ways you can plan financial for retirement:
Annuities are the most popular route of retirement funding, and provide a guaranteed regular income from pension funds for individuals over 55. At The Money Map, our friendly and knowledgeable advisers offer advice on annuities to ensure you best understand your options and choose the financial pathway that’s right for you.
Capped drawdowns enable individuals to access their lump sum entitlement and leave the remainder of the fund invested. They can then have flexibility of income when required within Government Actuarial Department (GAD) rates. Our advisers are very experienced in providing concise, clear advice and information about capped drawdowns.
As of the 2014 Budget, if individuals can prove that they have £12,000 from another pension source, any remaining funds can be removed, with their 25% lump sum entitlement free of tax. The remainder of the fund is, however, taxed as though it was income in the year it was accessed. For more information on flexible drawdowns, our advisers can explain the processes and help you to make informed financial decisions.
With recent legislation change, individuals aged 60 or over with a pension fund of up to £30,000 may access their full fund under the Triviality rule. This is taxed in the same way as a Flexible Drawdown. Speak to one of our experienced advisers to learn more about the Triviality rule and the best available options for you.
Small Pension Pots
Due to recent changes brought about by the 2014 Budget, small pensions are now considered to be any pot of up to £10,000 and it is possible to access a maximum of three pots in one go. Our specialist pension advisers are able to help you to successfully navigate your finances.
For more information on your retirement options, book your free consultation with one of our experienced advisers by calling 0800 848 8250, email firstname.lastname@example.org, or fill out our simple contact form.
Use our calculator Tools to help you understand your finances and bring you a step closer to navigating The Money Map.
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