Retirement Ready? It’s nearly time to choose …

The options of taking retirement benefits have changed and now offer more flexibility and choice than ever before. You can take a cash lump sum, a flexible income stream, a secured guaranteed lifetime income or a mix and match combination of all three options. To arrange a free initial discussion at your home, workplace or our offices contact us today.

Here is our pension lump sum advice to help…

A cash lump sum in three ways:

  1. Full lump sum
  2. Partial lump sum
  3. Small pot lump sum

With each of the above options normally 25% of the pension pot can be taken as tax-free cash and the balance will then be taxed as income.

While this may seem appealing, think carefully about the tax position as taking everything could mean you pay a large amount of income tax on your pension savings. It may even mean higher or additional rate tax becomes payable and the loss of your personal allowance.

Flexible income stream

You can take some of your pension pot(s) as tax free cash (usually up to 25 % of the fund value is tax-free cash) then use the balance to provide a flexible income (taxed as income). This lets you keep your pension invested, offers full flexibility and in the event of your death any funds left can be passed on.

Guaranteed secured lifetime income

You can take some of your pension pot as tax-free cash and use the balance to provide a secured lifetime income.

An annuity provides a guaranteed secured regular retirement income for the rest of your life and your partner or spouse if required. The income paid is usually a fixed amount and can’t normally be adjusted if your needs change over time.

Enhanced or impaired life annuities pay a higher income than standard annuities and are based on a range of both health and lifestyle factors.

It’s important to shop around (open market option) if you choose an annuity, as different providers offer different rates and types of products.

You can also utilise flexi-access drawdown with a secure income feature as this offers control of income withdrawal and pension drawdown plus the added peace of mind of a secure income payable for life that won’t run out.

Mix and match

To meet your individual retirement income needs you may prefer a combination of cash and regular income. Blending options can offer the exact balance of income security, flexibility and access to your pension funds and potential for longer term capital growth.

Pension Review

How you take your pension benefits is really up to you, get it right and it can give you more control and a higher level of income in retirement. You can take flexible pension benefits with one or more providers, so it’s important to consider the range of options available as they all have different features, potential income levels and charges.

Consider timing of accessing your pension benefits. If you’re not ready to decide, or don’t plan to retire any time soon a no obligation pension review can help you understand how retirement is looking!

We will check your contribution levels are in line with your expectations and chart the investment performance and returns against the risk being taken to help you understand what you have and the options open to you helping you to make an informed decision.

Clifford Osborne are Independent Financial Advisors based in Eastbourne, East Sussex, offering Pension Lump Sum Advice. We serve clients in Lewes, Seaford, Bexhill, Hastings, Newhaven, Tunbridge Wells, Brighton, Crowborough & Uckfield. Our financial advisors also offer care planning advice, mortgage advice and equity release advice.

Other pension services we offer include pension in divorce, pension review and pension drawdown.

The value of investments can fall as well as rise and you may get back less than you invest.

“I found Paul extremely tolerant of my ignorance of such matters. He explained everything in great detail, leaving me feeling very confident that I could trust his advice.”
Patricia, Polegate, East Sussex

Don’t Get Stung

Don’t get caught out by pension scams – read our short post and if you don’t talk to us make sure you speak to a Regulated Independent Financial Adviser.

Your Advice Steps

01 ➔

Contact Us

Call us on 01323 403 444 or contact us to set up a free initial meeting with one of our financial advisers or mortgage and equity release advisers. We’re happy to meet in person, on the phone or online. Just let us know what you prefer.

02 ➔

Get to know you

This will be a chat to find out a bit more about you, what your financial position and goals are and how we can help. This will be entirely confidential, and you are under no obligation to use our services. We will then give you a plan of what we can do to help.

03 ➔

Sharing your plan

Our advisers will talk through our recommended plan with you giving options to best meet your needs. We will take into account your current financial situation, your goals, appetite to investment risk and timeframes. You will have a chance to ask us any questions and then decide whether you want to go ahead.

04 ➔

Regular reviews

Your financial position will change throughout your lifetime. We are here to help you with regular reviews to make sure your financial plan meets your financial goals and current financial situation. We’ll agree with you when and how we meet on a regular basis to make sure your management plan is right for you.

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    We are not tied to any financial institution and therefore offer you truly independent advice

    A free, initial no obligation review meeting can take place at our offices in Eastbourne East Sussex, at your workplace or in the comfort of your home.

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