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SippandDrawdown

Sipps and Perosnal Pension

Pension Drawdown

About SIPPs

SIPPs (Self-invested Personal Pensions) are a type of pension that give you more control over your retirement savings. You can choose exactly how to invest your pension, easily consolidate several pensions in one place and review your investments at any time.

About Drawdown

A drawdown plan allows you take the normal 25% tax free cash sum and then you can take regular or ad hoc income withdrawals directly from your pension fund.

In many ways, this is similar to taking an income direct from your bank or savings account but your money stays inside a pension plan and you pay tax on any income paid out.

Your Retirement Journey

In the past, most people worked until the age of 60 or 65 and then retired with a combination of state and company or private pensions. Nowadays, especially since the introduction of pension freedoms in 2015, retirement can be more fluid as you move from full-time work to full time retirement gradually over several years.

In this sense retirement is a journey not an event because you don’t have to make big one-off decisions when you first retire.

DB Transfers

If you are considering transferring your company defined benefit (DB), also known as a final salary pension or ‘gold plated pension’ to a more flexible personal pension you will be making one of the most difficult decisions in personal finance.

You owe it yourself and your family to get expert advice and if you have over £30,000 of safeguarded benefits you must take financial advice.

Cash lump sum

Since 2015 it has been possible to convert all of your pension pot into a cash lump sum. It has always been possible to take 25% of your pension pot as a tax-free lump sum but now everybody can take the remaining 75% of their pension pot as a cash sum, but it will be taxed at your marginal rate.

William Burrows

Offices in London, Northampton and Cardiff

Call: 07730 435 657

 

William Burrows / Retirement Intelligence Ltd
International House
24 Holborn Viaduct
London
EC1A 2BN
Better Retirement
400 Pavilion Drive
Northampton
NN4 7PA 

If you need help or advice - Contact us

As one of the most respected specialist retirement advisers, William Burrows and Better Retirement will be pleased to help you make the right decisions at any stage of your retirement journey.

Call or email now for a free and without commitment chat.

This website is run by William Burrows and publishes generic information on annuities, drawdown and other related retirement income matters. Any information you use is at your own risk and does not constitute financial advice.

If you require financial advice you will be advised by Better Retirement where William Burrows is authorised to give investment advice. Better Retirement Group Ltd is authorised and regulated by the Financial Conduct Authority, reference number 153420.