Personal Financial Services
Except in instances of ill health or under schemes which have special age allowances you can only access your retirement benefits under a pension from age 55. Under current legislation at this age you will have the option to take up to 25% of your fund as a tax free lump sum which is now known as the Pension Commencement Lump Sum (PCLS) - for some occupational schemes a higher level of PCLS may have been preserved.
You can then use the remaining fund to provide an income in retirement, which will be taxed at your highest marginal income tax rate. Under revised pension legislation that became effective from 6th April 2011, there are 3 main methods of drawing retirement income from registered pension schemes.
For more information, or for advice on which option suits your requirements, please contact us or request a call back.
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