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Understanding your Retirement Options

In March 2015, the UK Government introduced major UK pension reforms – offering greater flexibility to how people approaching retirement access their pension funds.

Savers are now able to access the entirety of their pension at any time after the age of 55, as well as take up to 25% of their retirement savings tax-free. Prior to the reforms, taking any of the remaining 75% as instant cash was subject to a penalty tax of up to 55%. Rather than lose over half of their savings in this way, the vast majority of people used their pension savings to buy an annuity – providing a guaranteed regular income, usually for the rest of your life.

While guaranteed income from an annuity is still one of the most popular retirement choices, alternatives such as flexible drawdown have become more accessible and have become more popular.

Each retirement income option offers distinct pros and cons. Annuities still offer the greatest security by guaranteeing your income for life, and are available in a range of options that can be tailored to your needs – such as joint life annuities, escalating annuities and enhanced annuities. Drawdown options could mean a high income with more flexible access to your pension pot, but you need to consider the possibility that your savings could run out before you die.

Our Service

When you use our service to connect to an IFA in your area, we will provide:

  • Rapid response
    Your local IFA will respond to your enquiry within one business day.

  • Free, no-obligation consultation
    Discuss your goals with your IFA in depth, online or over the phone.

  • Impartial, personally tailored advice
    All IFAs are carefully selected, independent experts in their field.

  • Transparent pricing with no hidden fees

Do I need an IFA?

Independent financial advisors can offer valuable insight and guidance for a wide range of financial concerns:

  • Pensions and Retirement Income Advice

  • Investments, Savings and Tax Planning

  • Insurance and protection

  • Business advice and general financial planning

How much does an IFA cost?

Our service is free for the initial consultation then an IFA will charge either:

  • An hourly rate
    This will vary based on the advice provided and will be agreed up-front.

  • A small percentage
    With ongoing investment management, you may be charged a percentage of the overall value.

  • Fixed fee
    For a one-off services such as transferring a pension or buying an annuity.

  • Commission
    This may apply to products such as insurance or mortgages.