Guide to Your Options at Retirement

Aug 19, 2016Pensions

New freedoms over how you can use your pension money

Deciding what to do with your pension savings is an important step we will all have to take.

Following changes introduced in April 2015, you now have more choice and flexibility than ever before over how and when you can take money from your pension pot. These changes give you freedom over how you can use your pension pot(s) if you’re 55 or over and have a pension based on how much has been paid into your pot (a defined contribution scheme).

You don’t have to choose one option when deciding how to access your pension – you can combine options and take cash and income at different times to suit your needs. You can also keep saving into a pension if you wish and receive tax relief up to age 75.


  • When and how you use your pension
  • Leave your pension pot untouched
  • Use your pot to buy a guaranteed income for life – an annuity
  • Use your pot to provide a flexible retirement income – flexi-access drawdown
  • Take small cash sums from your pot
  • Take your whole pot as cash
  • Helping you find your way forward

Looking for greater flexibility over what you can do with your pension pot?

Now that the dust has settled on the announcements made around pension freedoms in the March 2014 Budget, for many of us its time to now focus on the implications of ‘how you take it’. To discuss your retirement planning requirements, or for any further questions, please call us or use the contact form by clicking here – we look forward to hearing from you.

Published by Goldmine Media Limited Basepoint Innovation Centre, 110 Butterfield, Great Marlings, Luton, Bedfordshire LU2 8DL Articles are copyright protected by Goldmine Media Limited 2017. Unauthorised duplication or distribution is strictly forbidden.