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Retirement Options
Retirement Options
Options at retirement are now greater than ever. The old fashioned pension annuity is often less attractive in these days of low interest rates and lower mortality so below are some of the retirement options that are available:
Phased Retirement
A common approach where retirement funds are split across numerous ‘plans’, with a limited number of plans accessed each year.
Income Drawdown
Retirement occurs but the invested funds remain invested, rising and falling depending upon investment conditions.
Tax Free Cash (Accessing Cash)
Increasingly common, a customer can take up to 25% of the fund as a tax free lump sum and then defer pension, or use drawdown.
Pension Deferral
With wealth building up elsewhere an attractive option is to defer accessing the pension funds and generating income from other assets.
Next Steps
Before proceeding with any planning 1st Option strongly recommends that you familiarise yourself with the guidance offered by the Financial Services Authority.
FSA Guidance
Next Steps
To find out more call the 1st Option help desk on
0800 089 0110
or
contact us
via the website.
Calls to this number will be free from most UK landlines; mobile costs will vary.
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