Transfer your pension and get more flexibility with your money
Decide how you want to spread your money across retirement, see if a pension transfer is right for you?
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There are many different ways in which to increase your pension but the obvious way is to pay more money in. The earlier you start paying into a pension, the more time your money has to grow.
You have a number of options to access the money in your pension pot. These can vary dependant on your circumstances and your current pension plan in place:
It’s important to know the different tax rules for each option.
There are a few factors which can affect how long your pension will last in drawdown. These factors consist of the following:
It is a possibility for your pension to run out so managing withdrawals and expectations from the outset could be a good idea to ensure your money lasts during retirement.
You will have to pay Income Tax on any income over your Personal Allowance. This applies to all your pension income, including the State Pension.
Certain pensions may be eligible to pass onto your loved ones but is always best to check your current plan to see if this is a feature.