Making the most of the new pension rules to enjoy freedom and choice in your retirement

Following the biggest reforms to pensions in recent times, whilst the ability to unlock pension funds is attractive, you need to understand the tax implications of doing this and accept the risk of ensuring that the funds built up are managed effectively to ensure that they last for life, however long that may be.

If you have a pension that is on a Defined Contribution (DC) basis and plan to retire in the coming year, it’s important to get to grips with the reforms and review your plans for your retirement income accordingly. And if you’re due to retire in the next few years, you should also make yourself aware of all the options and opportunities open to you. Even younger people, whether they’re already saving through a pension or not, might find that the reforms change the way they think about their retirement planning.

Is it time to review your retirement plans?

These reforms present people with an exciting opportunity to take control of their pensions like never before, but the reforms highlight the need to obtain professional financial advice to consider your overall position. Although it may seem counter-intuitive, accessing your pension fund in many cases may be the last asset you call on, given the tax-efficiencies. To review your situation, please call us or use the contact form by clicking here – we look forward to hearing from you.

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