I am sure the amount of publicity you have seen in the national press over recent months will highlight you to the major changes in pension legislation with effect from 6th April 2015.
No longer on retirement will you be compelled to convert all your pension contributions over the years into an annuity.
Going forward there are various options available:
- You can receive an annuity and a 25% lump sum tax free.
- You can take your 25% lump sum and draw down other monies subject to tax being deducted.
- You can go for an income draw down plan.
There are so many options and every case is different and therefore you should seek professional advice from an independent financial advisor.
We will be pleased to help you in this matter as far as we are allowed and able but at least steer you in the right direction.