PENSION NOTES!

1. The usual minimum age to take pension benefits is 55 – male or female.


2. Normally you can take up to 25% of your pension fund as Tax Free Cash.

3. You do not have to retire in order to be able to take your pension benefits.

4. If the total of your pension funds is less than £18,000, from age 60 you can take it all as cash (25% Tax Free and the balance taxed as earned income).

5. If you have a couple of very small pension pots (less than £2000 in each pot), from age 60 you can take those as cash (25% Tax Free and the rest taxed as income).

6. You have various options when you take your pension benefits including:

a) An enhanced annuity if you have serious medical issues;

b) Taking your Tax Free Cash and leaving the balance invested until later with the option to draw income each year;

c) Taking an annuity that guarantees an income for as long as you live – level or increasing.

We can help advise on all of your choices so as to customise your pension benefits to meet your circumstances. Give us a ring on 01342 313302.