Retirement: Drawing Your Pension
Your pension: it’s time to choose.
- Thinking about accessing your pension pot?
- Deciding how to take your retirement income
- Shopping around for the best income
This guide to Retirement: Drawing Your Pension is produced by the Money and Pensions Service which is an arm’s-length body of Government, bringing together the Money Advice Service, Pension Wise and The Pensions Advisory Service, and providing money guidance, pensions guidance and debt advice (in England).
The guide is for you if you are planning to access a pension pot built up from contributions into a personal or workplace pension.
It sets out your options for using your pot(s) to provide a retirement income and the benefits and any potential risks of the different choices.
It also tells you about key actions you need to take as you approach the time you want to access your pension pot (whether you are retiring or not) and how we can help you weigh up your options for taking your pension.
The pension rules are quite detailed. And they can affect different people in different ways. To see how they might affect you, please get in touch.
Please note
Increase from 2028 – There is an intention to link the earliest date you can take retirement benefits to the age individuals can access their State Pension, from 2028.
This would mean that when State Pension age increases to 67 in 2028, the normal minimum pension age will also increase from 55 to 57. From then on it will remain 10 years below the State Pension age.
The change will affect most people born after March 1973, although public service schemes for Firefighters, Police and the Armed Forces are unlikely to be affected by the change.
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investing in shares should be regarded as a long-term investment and should fit in with your overall attitude to risk and financial circumstances.
Mrs H, Brighton
Exceeded any expectations we had
I received very prompt, easy to understand information with reference to my position as Power of Attorney for my Downs Syndrome brother regarding a query to transfer his pension to a ‘Drawdown Pension’ to allow funds to be accessed, above and beyond his regular payments, for private health care if government care is insufficient. I received a detailed email laying out important points to consider and suggestions to contact official bodies to acquire clarification. David provided a level of service which exceeded any expectations we had, given our other dealings with financial advisers, and my family and I are extremely grateful.
Mr Cooper, Lowestoft
Professional handling of financial affairs
May I use this opportunity to thank Cindy and Keith for the professional way that you have always handled my financial affairs. As a satisfied customer, I would be very happy to recommend Pembroke Financial Services to any of my friends and family.
Pension Advice & Retirement Planning Articles
