If you are aged 55 or older, you can access all your private pension benefits at any time. This opens the door for many to access lump sums that were not available before. Ever since the new Pension Freedoms came into force last year, many people have chosen to draw significant amounts from their private pensions or even take it all. However, some have not taken into account the tax ramifications and paid unnecessarily high levels of tax. Others have failed to look ahead to see what the effects of taking their pension benefits now would be when they are older.
Our priority is to help our clients achieve their objectives and enjoy financial security. Sometimes it is not possible to achieve both of these aims, but we can help work out what can be done so you can make an informed choice. Do contact us if you want to look over your plans. For those in a position to maximise pension contributions do remember it is possible to carry forward unused pension allowances for up to three years.
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