In your 60’s? Then this is another critical time for checking your pension funds. Are they invested correctly? Are you taking the most tax efficient route in withdrawing? The list is too extensive for me to point out everything you should be looking at in this short article.
A raft of changes have taken place recently. In Summary:
- Full access to UK pension pots now available from age 55
- Flexible drawdown now available from most providers (you choose your own income levels)
- Company pension schemes can be transferred to take advantage of flexibility (unless they were public funded e.g. Armed Forces, Police)
- Not compelled to take annuity
- Pension pots can be inherited, providing fantastic succession planning opportunities
Receiving advice on retirement planning before deciding on what you will do with your pension pot has become more important than ever before.
Questions to ask yourself: Where will I live? What lump sum should be taken? What are the tax implications? What about my partner? How much income will I need in five, 10, 15 or 20 years time? What happens if the pot is empty at age 80 and I am still alive?
If you feel like this and think you need some advice, or you would just like a helping hand to review what you have, why not contact me and I will sit down and go through your portfolio with you.
I have been a fully Qualified Financial Adviser for 28 years and also understand the needs of ex-pats and the rules that apply to ex British living and retiring in Spain. So, if you need to talk through your own situation then please feel free to call me and we can have a no obligation discussion about the best way forward for your investments.
If you need advice or if have any questions regarding the above you can contact me at: [email protected]
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
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HM Revenue & Customs has introduced new regulations to make it easier to reclaim the QROPS overseas pension transfer charge. The rules came into effect on April 25, 2019 following a decision by the House of Commons on April 3, 2019.