Firstly, when “pension freedoms” came into force back in April 2015, one of the key changes was the introduction of what is known as “Flexible-Access Drawdown”. Meaning that you can take an income of any amount from your pension pot, while still leaving it invested.
As an alternative, pension drawdown is a way of taking money out of your pension pot to provide your income. So, it offers far more flexibility as you can take out the amounts you need when you need them. The downside is that there are different ways of going into drawdown, with various tax implications, which is where the confusion arises.
“When” and “the amount” you withdraw from your pension pot can have a large impact on your tax bill. By looking at your planned expenditure over the years you can, with the help of a financial planner, minimise the tax you need to pay.
Our team of financial planners use the latest cash flow modelling tools to help with their recommendations.
We are Independent Financial Advisers (IFA’s). This means that we offer you unbiased financial advice. We look at all the options available to you from the whole of the market. So, why not contact us today to start planning for your retirement. The initial “getting to know you” meeting is at our expense and is without obligation. Our experience covers all aspects of financial planning including pensions, investments, mortgages and estate planning.
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If you have any thoughts on this article, “Paying too much tax on your pension? “, then we would love to hear from you.