Accessing Your Pension Advice for London Central City West End Mayfair
The State Pension Age remains at 65 for men born before 6 December 1953 and 60 for women born before 6 April 1950. However for women born before 6 December 1953 will have a State pension age of between 60 and 65. Men and women born on or after 6 December 1953 but before 6 October 1954 will have a SPA between 65 and 66. For men and women born on or after 6 October 1954 but before 6 April 1968 it will be 66.
It is planned that those men and women born on or after 6 April 1968 will see increases from 66 to 67 and then to 68.
Changes yet to be enacted are planned by the Government to bring forward the dates that these transition changes occur. It seems almost inevitable that there could be further changes to the state pension age which makes it even more important for you to receive independent financial advice.
When you retire you can normally take up to 25% of the value of your personal pension fund as a tax free cash lump sum.
The remainder of your pension fund must then be used to purchase an Income. But you do not need to draw this income at the same time as you draw your cash.
You no longer have to buy an annuity before you reach the age of 75.
An annuity will provide a guaranteed income for the rest of your life. But there are other options. The amount of income the provider offers you will depend on the value of your fund, the options you take with your Annuity Advice and your personal status such as gender and age and health.
There are a wide variety of options so when you are at the stage of wanting to take an income from your pension fund seek Facts & Figures' expert advice before making any decisions.
If the value of all your pension assets is below a certain figure you may be able to give up those rights in exchange for a cash sum. From 6 April 2012 the link to the Lifetime allowance was removed. The current figure is £18,000 and if you are over 60 years of age then you could just withdraw this amount as a lump sum. However only 25% of the total sum will be paid out tax free, the remaining 75% will be treated as taxable income in the year it is received.
You may be eligible for an impaired life annuity if you are unwell or a smoker.
Facts & Figures are pension experts and there are many different types of pension, follow the links to find out more or Contact Us now for further information or call Simon or Pam on 0207 904 1049
We provide a national service but particularly cover London and the whole of the South East.
Pension Advice London
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