In April 2015, the tax rules were changed to give people greater access to their pensions. Drawdown of pension income is now taxed at marginal income tax rates rather than the previous rate of 55% for full withdrawals. The tax-free lump sum continues to be available.
This has lead to a much more diversified choices at retirement and taking the right advice has never been more important.
People looking to retire before their state retirement age (minimum age 55) now have more options to meet their greater income needs in those early years.
We often deal with people that ‘would have retired a long time ago’ had these options been available to them.
Contact us to arrange a no obligation meeting with a retirement advisor.