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From April 2015 you will have complete freedom to access your pension pot. If you are aged 55 or over you could access your pension in one of four ways
Pension Options at 55
- Take a guaranteed income for life – You get paid a set amount every month for the rest of your life so you know exactly how much you will get and when.
- Take a guaranteed income for a fixed number of years – This allows you to keep your options open without being locked into a lifetime annuity. When the term ends you get a guaranteed amount back and you are free to shop around again for a new pension product or take your remaining pension pot as cash.
- Pension Drawdown – Take a regular income or lump sums as and when you need them. There are no limits and you have complete control and flexibility for taking income.
- Take it all in cash – TAKE UP TO 25% TAX-FREE the rest is taxed at your marginal tax rate.
Your existing provider may not offer the full range of options, so it may be necessary to transfer to a different provider to access benefits flexibly.
Why Choose Annuity Supermarket?
Use our Pension drawdown calculator and we’ll search the UK market to find you the best pension drawdown for your needs and with strong relationships with some of the UK’s top annuity providers we can find you deals which may not be available elsewhere.