Retiree/At Retirement: Drawing Your Pension
Posted by siteadmin on Tuesday 22nd of March 2016.
If you are due to start drawing an income from your pension plan, make sure that you take advice about your options. When the new rules were first introduced the government launched Pension Wise to help people through the complexities, but this service only offers guidance, not personal advice: you will still have to make the final decisions. The Pension Wise guidance does not attempt to integrate pension choices with your other financial planning, eg estate planning.
If you think how long you might live with the cost of a wrong choice, it is clear that getting independent advice is the route to take.
Year End Planning: The changes to the death benefit rules on pensions from 6 April 2015 should have prompted a review of the pension scheme and/or the expressions of wish regarding the recipients of pension death benefits. If you have not done so, now is the time. In theory your pension plan could provide income for future generations, as your beneficiaries will be able to pass the remaining fund to their children and so on down the line.