DELAY YOUR PENSION
If you already have enough income to provide a comfortable standard of living, you may be able to defer accessing your pension pot beyond your selected retirement date.
EASY-VIEWING OPTIONCan I Delay My Pension?
You do not have to start drawing from your pension when you reach age 55 or your selected retirement age, you can leave the money invested, allowing your money to grow some more. This could mean you will have more money to last a shorter period of time.
What Happens When I Die?
If you should die before the age of 75 and your pension pot remains untouched, this can be passed to your nominated beneficiaries Tax-free.
If you die after the age of 75 and your nominated beneficiary takes the amount as an income or lump sum, this will be subject to their appropriate tax rates. So, the money will be added to their income and taxed in the normal way.
Things To Consider
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The longer you delay, the higher your retirement income however this could effect your future tax rates and benefits entitlement as you grow older.
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There is no hurry to draw from your pension but you should check with your provider to see if certain restrictions apply - you do not want to miss out on any guaranteed incomes or incur any charges.
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Not all pension providers allow your pension to remain invested beyond age 75 so you will need to check with your provider and transfer to an alternative provider who does allow this, if required.
Remember To Review
The value of pensions can rise and fall, so it is important to regularly review the funds you are invested in. Contact us today for more advice on pension reviews.
REVIEW MY FUNDS