Draw-down pensions help
If you need some help with whether to draw down cash from your pension or wait. Contact us for a full review of your scheme today.
What income drawdown is a flexible way of taking money from your pension when and as you want. You reinvest your pension pot in funds specifically designed for this purpose to get a regular retirement income. The income you receive will vary, depending on the performance of the funds. You can take up to 25% of your pension pot as a lump sum that is tax-free. The rest of your pension pot can be moved into one or more funds.
The income you get might be adjusted from time to time depending on the performance of your investment. There are two kinds of income drawdown – capped drawdown and flexi-access drawdown. The former has limits on the income you can get.
If you’re already benefiting from a capped drawdown, you should be familiar with the new rules about tax relief on pension savings in case you exceed your income cap. Flexi-access drawdown, on the other hand, has no limit on the amount of income you can get from your draw down funds.
Some product providers combine income drawdown with other products. Since income draw down products are quite complex, it is best that you get financial advice before buying one. This is where Trusted Pensions come in. We have financial advisers who specialize in retirement planning. We can explain what drawdown products are available to you and how you can benefit from it.
How You Can Benefit from an Income Drawdown Service
A drawdown service allows you to enjoy the flexibility of drawdown with the right level of support. You can access tax-free lump sums and keep your balance invested in various funds at the same time. A qualified adviser can give you advice on where to invest your pension pot.
There are no surprise charges or fees for withdrawing money. However, you will continue to pay the same fund management and administration charges for your pension. You can manage your pension online and see your savings grow. The money you don’t pull out remains invested, so it might increase in value.
How Employers Benefit from a Drawdown Service
If you’re a pension provider or a financial services brand, chances are you will have many customers approaching their retirement. We help customers enjoy the income flexibility of pension freedoms. Customers can use either our advice services or retirement arranging devices.
We can tailor our services to meet your objectives. An extra service offering is a simple way to meet the needs of your customers while getting commercial opportunities for your company.You are assured that your customers can get thorough information or regulated financial advice to determine the product that suits their needs for their retirement income. You can also fulfill your regulatory obligations.
We will educate customers about their pension fund as well as their attitude to risk to make sure that the drawdown product is right for them. We can also help customers get tax-free money and invest the rest in other funds. Customers have to make informed decisions and choices when it comes to their investment funds. With proper education and guidance, they will know the risks and factors that they need to consider.
We can give invaluable advice on saving pension fees. If you fail to talk to a qualified financial adviser, you might make the wrong decision. We can help you understand the risks that you’re likely to experience. We can also help you maximize your tax breaks. We will guide you through every step to help you save pension fees properly. It’s easier to save money with the right advice and guidance from a trusted adviser.