Flexi-Access Drawdown Pension Advice
Flexi-access drawdown has been available since April 2015. It is a form of Pension Drawdown that allows full tax-free cash to be taken, without buying an annuity. The rest of the money stays invested in the pension. Unlike its predecessor Capped Drawdown, full access to the remaining pension pot is available with Flexi-Access Drawdown. This can be withdrawn in full or in part at any time, and is taxable as income. In this form of Pension Drawdown, it is common for a monthly sum to be drawn from the plan to fulfill retirement income requirements. Flexibility remains to take lump sums when required.
Flexi-Access Drawdown is a Drawdown pension that provides access to capital and control over the level of income paid as a pension.
This Drawdown Pension option provides much greater freedom and access to capital than other forms of Pension Drawdown. However, it doesn’t provide a guaranteed income in retirement.
Flexi-Access Drawdown is suitable for certain people but unsuitable for many. Obtaining the right Pension Advice is essential for anyone considering Flexi-Access Drawdown.
The Chatsworth Practice Pension Advisers provides a detailed report analysing the risks and benefits of all options at retirement. Our Pension Adviser look at what you are trying to achieve and recommend the best course of action. Where Pension Drawdown is considered appropriate our Pension Adviser can arrange it from your existing pension if available or advise upon and set up a new scheme.
A Drawdown Pension requires ongoing pension investment. In many cases the success of Flexi-Access Drawdown depends upon how well the pension is managed. Our Pension Adviser offer a comprehensive ongoing management service to help facilitate this.