ACCESS TO PENSIONS SAVINGS
Once you have reached the minimum pension age ( currently age 55) you may be able to withdraw unlimited amounts from your pension savings at any time.
However, there are pitfalls to avoid and advice is key to ensuring your future financial well-being is protected. The new Pensions Freedoms and Choice rules bring both opportunities for you and risks.
There may be good reasons why you want to access your pension savings early, such as paying off your mortgage. However, it is important that you remember that you have built your pension fund to provide for a long and comfortable retirement.
Firstly, we recommend that you visit the following websites: Pension Wise and The Pensions Advisory Service.
…Then we are happy to help.
We will then look at your requirements, assess your existing pensions, recommend a plan that meets your needs, explain the choices and ensure that you understand the tax treatment of any withdrawals that you make. Depleting the pot early may compromise your long-term financial security.
The value of your pensions and income they produce can fall as well as rise. You may get back less than you invested. Tax treatment varies according to individual circumstances and is subject to change.
If you would like further information please contact us, or click here to book your free initial consultation.