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Pension Drawdown

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A great way to access your pension.

A great way to access your pension.

Important: Information is based on our current understanding of taxation legislation and regulations and are subject to change.

What is Pension drawdown?

Drawdown is one of the most flexible ways to access your pension, available from age 55. You can usually take up to 25% as a tax-free cash lump sum and keep the rest invested for later. You’re in control of how much income you take (which is potentially taxable), and can make withdrawals whenever you want to.

If your investments perform well you could receive a growing income throughout retirement. Any money left over when you die can be passed on to your loved ones, often tax free.

Tax rules can change, and the benefits will depend on your own circumstances.

What are the risks?

You will need to think carefully about the income you will need when you are older. You could run out of money if your investments don’t perform as you had hoped or you take too much income too soon.

These risks mean drawdown won’t be right for everyone, and you will need to regularly review your investments and how much income you’re taking.

Drawdown Your Pension With PAF Hereford...

If you feel a little overwhelmed please contact us to discuss your options, there are many tools we can use to help you make an informed decision.

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