Pensions freedom

Tel: 0141 563 3260
between the hours of 9am to 5pm

Mobile: 07714 090845

Email: info@mil-ifa.co.uk

What this means for Your Personal Pension or SIPP

New pension rules which give you far greater flexibility over what you can do with your pension pot came into force on 6 April 2015. This includes being able to access your entire PPP/SIPP and choosing how to take your income during your retirement.

From the age of 55 you will be able to access your PPP/SIPP and;

  • take your tax free lump sum
  • set up income drawdown to receive regular income and /or
  • take your pension as a series of lump sums

Taking income from your PPP/SIPP can be complex and your existing provider may not be able to accommodate your requests and it therefore essential that you seek advice as important elements of your plan such as death benefits and Inheritance tax should be considered before taking action.

You need to consider the investment returns that you may be able to achieve and the level of income that you wish to take as it may be the case that you will run out funds in the future if you do not have assistance to monitor the correct level of income. If you are unsure about your options you should consult a suitably qualified financial adviser.

  • The value of your investment can go down as well as up and you may not get back the full amount invested
  • Accessing pension benefits early may impact on levels of retirement income and is not suitable for everyone. You should seek advice to understand your options at retirement.

""NO DECISION ON LUMP SUM INVESTMENTS AND PENSIONS SHOULD BE TAKEN BASED ON THE CONTENT OF THIS SITE. ALWAYS TAKE FULL INDIVIDUAL ADVICE FIRST. THE REGULATIONS GOVERNING TAX RATES AND INVESTMENTS MAY CHANGE IN THE FUTURE.""