The flexible way to access your pension savings
When it comes to taking an income from your pension savings, pension drawdown is considered one of the most flexible and tax-efficient ways to access them. And with the recent pension freedoms now in place, you can now take even greater control.
And the great news is that Drawdown lets you take an income or a series of withdrawals from your pension savings now, whilst still providing you with flexibility should you wish to choose a different option later in life.
By accessing your pension savings through drawdown, you benefit from a unique combination of features:
- ✔ Tax-efficient growth on your investments¹
- ✔ The level of income that you choose – the more you take, the less you will have available at the end of the term.
- ✔ Ability to pass your fund onto your beneficiaries in the event of your death
Pension Drawdown at Age Partnership
To help you understand drawdown and your investment choices and benefit more from any investment growth¹, we are able to offer you Drawdown through our financial advice service.
Our friendly advisors can provide you with a completely personalised recommendation on whether drawdown would be right for you, as well as giving you access to a wide range of funds to invest in - and it’s our aim to do this in the most straight forward way and at the lowest cost we can.
Plus, we’re so confident about our Pension Drawdown service that we offer a £100 Service Guarantee. This means if you are unhappy with the level of service provided and decide to move your pension drawdown account to an alternative provider, we will send you a cheque for £100.²
Making your pension last
Crucially, the one thing that drawdown does not offer is a guarantee that any income you take will be sustained throughout your lifetime. In other words, it’s down to you to ensure that you use your pension savings in a responsible way and that you have an adequate income to fall back on in case they run out.
It is important that you take the time to read and understand the risks and things you should consider with drawdown. You can also use our Drawdown Calculator to estimate how long your savings will last you.
So if you’re looking for a regular income along with peace of mind from knowing that you will continue to be paid regardless of how long you live, you may want to consider an annuity.
Of course, you don’t have to put all of your eggs in one basket, and you may choose to invest some of your money through drawdown whilst also buying an annuity to help cover your essential living costs.
¹ The value of your savings and the income taken from may go down as well as up. There is no guarantee of a fund performance meeting future income needs.
² For full terms and conditions of the Service Guarantee visit https://www.agepartnership.co.uk/pension-income/pension-drawdown/service-guarantee-terms/ or call 0800 975 5151 for more details.