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Call us now on 0161 413 7051
If your unsure on how we could help you, or just looking for a little help, leave your details and one of the team will call you back for a quick, informal chat.
Home > Pension Advice > Pension Drawdown
Thinking about taking your pension money flexibly but not sure how or whether it’s right for you? Life is full of unexpected twists and turns but our pension experts can help work out a pension drawdown plan that has you covered in both the short and long term.
Call us now on 0161 413 7051 or arrange a call back.
From the age of 55, depending on your pension provider, you should be able to take up to an initial 25% of your pension pot tax-free. Many people love the flexibility of taking their money when they need it, but how does pension drawdown work?
You can take your pension at any time over the age of 55. Still, careful consideration needs to be taken to ensure you don’t run out of money early. Taking an initial 25% tax-free could be a good idea to pay off any debts like credit cards, mortgages or car loans to help you become debt-free when you retire. With drawdown, you can make single or set up regular withdrawals as and when you like, of course, providing you still have money invested.
The rest of your funds will remain invested, so have the potential to grow, but also the potential to lose money in a market crash.
With drawdown, it’s advisable to speak with a Hilltop retirement planning expert who can put together a robust plan on how to take your money and help alleviate the chances of running out of funds.
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You need to carefully plan how much income you can afford to take if you’re thinking of taking your money flexibly otherwise you could risk running out of money. This could happen:
It can be difficult and complex to prepare for your retirement but our advisers can help using their expertise and knowledge. Once you retire, our advice doesn’t need to stop. We can continue to monitor your pension funds and make sure they are in the most suitable place for you.
We’re committed to going the extra mile, holding your needs and requirements at the centre of our trusted advice. Everybody is different, and the financial advice we deliver reflects that. Our professional advice is always relevant, personalised and tailored to you.
Even after you’ve done your research, you’ll probably still have some questions. Why not give one of our friendly team a call and explore whether financial planning advice might be right for you.
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Have a look over our frequently asked questions, and if you can’t find what you’re looking for simply get in touch with our friendly team who are here to answer any questions you might have.
You could drawdown from a personal pension from your 55th birthday. In some circumstances i.e. ill health, your pension provider may allow you to take money from your pension, but this is at their discretion.
Capital at Risk
Tax treatment depends on the individual circumstances of each client and maybe subject to change in future.
Tax treatment depends on the individual circumstances of each client and may be subject to change in future.
Capital at Risk.
Not all pension plans offer drawdown, so it is worth checking with your provider or advisor to find out. If drawdown is available, it can take around three to four weeks to set a plan up.
Following a review with our advisors, if drawdown is recommended, we will send you a couple of simple forms to sign and we can set up the pension drawdown options for you.
Pension Drawdown is a flexible way to take your pension benefits (take funds from your pension). Whether that’s on an ad-hoc basis, regular month payments or a cash lump-sum. Always check the fees your provider will charge to facilitate your drawdown plans, as each provider will charge differently, and this could apply to the frequency of withdrawals.
Pension Drawdown isn’t like taking money from a bank account. Your pension funds remain invested, so potentially every withdrawal will mean your provider will need to dis-invest your money, before forwarding you the sum. This could take a short period of time.
Pension providers could charge fees for withdrawing funds from your pension, so it’s worth checking the rates before agreeing to drawdown with certain providers. With most of the pensions we recommend there are no additional charges for drawdown pensions.
In most cases, yes, you could take a lump sum from your pension and continue to receive contributions.
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