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Approaching Retirement

Retirement means different things to different people and drawing from your pension fund doesn’t necessarily mean that you will, want or need to stop working.

Depending upon your date of birth, the State Pension Age for both men and women is gradually being increased with the retirement age for women also being brought in line with that for men. You can’t take your State Pension early. However other forms of pension allow for a lump sum or income to be taken from age 55 and occupational schemes each have their own set retirement age, which is often 60 or 65.

Until recently there were set rules about how much you could take from your pension pot, but from April 2015 this has changed and for defined contribution/money purchase schemes you will be able to access it in any way that you wish from that date, although there are a number of important considerations, such as tax and future income, which you need to take into account before doing so. Between now and then there are interim measures in place which still mean that you have more choice than before and can still plan what you want to do in the future.

We can assess the pension funds that you already have in place and guide you through the options that are available to you, which are many. You can’t start saving too early and we are always happy to answer any questions that you may have at an early stage.

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