Rigby Financial

Retirement Options

Did you know? Current legislation allows you to take up to 25% of your pension pot tax-free?

There’s a lot more to retirement and your pension pot than you might think. You have a number of options at this point. Rigby Financial understands that everyone is different. We can help you to assess your options and offer advice to help you choose a pathway that most benefits you.

A pension is a long term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Pension income could also be affected by interest rates at the time benefits are taken.

The tax treatment of pensions in general and tax implications of pension withdrawals will be based on individual circumstances, tax legislation and regulation, which are subject to change in the future.

*The value of your investment can go down as well as up and you may not get back the full amount invested.

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    We’ve compiled a list of retirement options to give you an idea of how you couldmanage your pension.

    Annuity: With an annuity, you’ll receive a fixed income or fixed term, throughout life. You can buy an annuity through your retirement fund. Although the rate is set, a number of options allow you to customise this type of service, i.e. rising inflation or the sum your dependent will receive after your death.

    Income Drawdown: This option gives you the chance to withdraw an income from your pension savings. The rest of your pension will grow over time, but be aware that there are no guarantees when it comes to growth.

    Phased Retirement: A phased retirement gives you the chance to control which segments of your pension you want to be an income and at what time. In essence, a phased retirement is a flexible way of managing your pension.

    Cash in pension: In April 2015, government legislation was brought in to allow you totake your full retirement pot as a lump sum. Of course, 75% of this is liable to tax at your marginal rate for the year you take the money. The downside of this is that you could be put into a higher or additional tax rate bracket, as a result.

    The law is always changing so it’s best to keep up to date and have a clear idea of how you are affected.  If you’re unsure about any of these retirement options or want to discuss what’s best for you, don’t hesitate to get in touch with our friendly advisers.

    *Accessing pension benefits early may impact on levels of retirement income and your entitlement to certain means tested benefits.

    *Accessing pension benefits is not suitable for everyone. You should seek advice to understand your options at retirement. 

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    Rigby Financial is a trading style of Rainford Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. No. 627944. Registered in England: 06048581

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