With flexi-access drawdown – also known as ‘pension income drawdown’ – you keep most or all of your pension pot invested and draw an income from it.
With flexi-access drawdown, you reinvest your pot into funds designed to provide you with a taxable retirement income. The income can be taken in amounts and at times to suit you. This income may vary depending on the fund’s performance and it is not guaranteed for life. Most people use drawdown to take a regular income.
You will have a choice of funds to invest your money in. These investments should match your income objectives and your attitude to risk. You can invest with your current pension company or a different one.
You have a choice that once you have taken your tax-free lump sum you can start taking your income right away or leave it to a later date. Also, you are not locked into your income drawdown scheme. At any time you can use all or part of it to buy a more structured retirement income product such as an annuity with its guaranteed returns.
Flexible income drawdown will give you flexibility when it comes to funding Long Term Care. It also provides more flexibility when planning for inheritance tax.
If you don’t feel confident dealing with all the complex decisions then speak with an independent financial adviser like ourselves. Being independent means that we offer unbiased advice and look at all the options available to you. We will help you decide if income drawdown is right for you as it is not always the best option for everyone. We will help you understand the risks and the levels of income you are likely to receive. As your independent financial adviser, we will also review the funds for you over time and provide further advice if your circumstances change.
You can arrange an initial meeting that is free and without obligation at one of our offices located at-
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Why not contact us today to arrange an appointment to see how we can help you secure your financial future.