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FLEXIBLE ACCESS DRAWDOWN

Audley provides clients with an extensive independent review and advises on deferred company and private pensions.

 

Final Salary Defined Benefit. Occupational Money Purchase. Personal Pensions. Section 32’s and Deferred Annuities.

FLEXIBLE ACCESS DRAWDOWN.

When Flexible-Access Drawdown (FAD) was introduced, it put control of the pension’s income and capital back into the hands of the investor.

OUR GUIDE TO FLEXIBLE ACCESS DRAWDOWN

In 2015, the Government made a revolutionary change to how people could access their retirement savings. Up until that time, there were two main options: either purchase an income for life (an annuity) or leave your fund invested and take withdrawals – although these payments were capped each year by the Government.
However, when Flexible-Access Drawdown (FAD) was introduced, it put control of the pension’s income and capital back into the hands of the investor.

WHAT IS DIFFERENT ABOUT FLEXIBLE-ACCESS DRAWDOWN?

  • You have built up the money, now you can access and take the income when you need it. It really is flexible, and this means you can take cash withdrawals, or you can set up a regular income which can be amended if your circumstances change.
  • If you have a Personal Pension in FAD, you can take a lump sum from your pension which is usually up to 25%. You do not have to take this all at the same time – you can take up to the maximum 25% in as many lump sums as you wish.
  • If required, you can take further lump sums but these are taxable.
  • As you only take the income as and when you need it, you can leave the balance invested within your Pension, meaning it still has the potential to increase in value.

 

ARE THERE ANY RISKS I SHOULD BE AWARE OF?

  • As with all investments, where there is the potential for a reward there are investment risks. Past performance is no guide to the future, and you may receive back less than you have put in.
  • As with all savings, you can only take out what you have and, once you have withdrawn all of your funds, you will have to find alternative income on which to live. If you take out too much in the early years, you may not have enough to live on in the later years.
  • At Audley, we can advise you of all your options for deciding upon a sensible level of income from your Pensions.

 

HOW ARE MY FUNDS INVESTED?

  • In order to try to keep pace with inflation, and to ensure that your Pension fund isn’t simply eroded by charges, it is sensible to invest the monies.
  • If you retire at 65, you may live for twenty years or more, so it would not be sensible for the money to be in cash for this whole time. However, most people don’t have sufficient knowledge or the confidence to invest.
  • At Audley can help you invest your pension, and should you want us to, we will also review the investments with you at least once a year.

 

WHAT ELSE DO I NEED TO CONSIDER?

  • Once you take income from your Pension, the Government caps the amount that you can continue to pay into any existing or new Pensions.
  • This is called the Money Purchase Annual Allowance, (MPAA) and, limits the tax benefits on contributions to £4,000 each year.

 

WHAT IF I AM ON STATE BENEFITS?

  • Some State Benefits can be affected once you start taking either income or lump sums from your Pensions.
  • If you are on means-tested benefits you should always check before taking money from your Pensions.
  • Benefits that could be affected include Universal Credit.
  • If you are unsure then feel free to contact Audley for clarification.

 

WHAT HAPPENS TO MY MONEY WHEN I DIE?

  • Many people wish to pass on any money left in their Pensions when they die to their beneficiaries.
  • If you have money left in your Pension you can nominate your spouse, partner, children or even your favourite charity to benefit when you die.
  • In certain circumstances, this money can be left tax-free to your beneficiaries, generally if you die before age 75.
  • If you die after age 75, then the monies are taxed at the recipient’s income tax rate.

 

DO I HAVE TO TAKE MY PENSION INCOME FROM MY EXISTING PENSION COMPANY?

  • Many people’s pensions were set up years ago and a number of pension providers have not updated their systems to allow Flexible-Access Drawdown on existing contracts.
  • In this case, you would need to transfer your funds to a provider who offers flexible income.
  • A transfer, or switch of your Pension, is always an important decision and it is wise to take Independent Financial Advice to ensure that you are getting the best deal and the most suitable contract.
  • At Audley, we are specialists in providing this type of advice.

 

WHY SHOULD I CHOOSE AUDLEY?

  • At Audley, we have over 60 years of combined pensions experience, and we will be able to help you make the right choice for your retirement.
  • Starting from reviewing any existing plans that you have, making any necessary adjustments and then recommending a suitable investment plan for you, we will advise you on an appropriate level of income and then should you want us to, review this with you at least once a year.
  • If you have a Defined Benefit Pension, Audley are experts in advising whether a transfer to a Personal Pension would be suitable for you.

Pension Transfer Advice

Independent advice on what you can do with your pension. You’ve carefully considered and structured your retirement plans, however, things change. Your pension is a large pot of money, it’s yours, you’ve worked hard for it – so why not allow us to help review your options to ensure the correct outcome for your circumstances is achieved.

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Financial Focus.

Video guides to pension transfers.

How Final Salary Pensions Work

Our Pension Transfer Process

Flexi-access Drawdown

Sustainability

Why people transfer their pension

Focusing on what matters

Testimonials

What were the circumstances that caused you to look for an adviser?

Pension transfer

How did Alun Webster help you?

Relevant information and expert advice.

What is your current situation? Have you seen the outcome you were hoping for?

It has only been a few months but all is on tract.

What could they have done better?

No, can't praise high enough. Time was made to speak for whatever reason. Always kept in touch by phone and email. Highly recommended.

Lancashire November, 2018

What were the circumstances that caused you to look for an adviser?

I needed to decide the best pension plan to suit my circumstances.

How did Alun Webster help you?

Alun pointed reviewed my situation and gave me options which we then discussed to decide on the best course of action.

What is your current situation? Have you seen the outcome you were hoping for?

All is going to plan.

What could they have done better?

All documentation was very clear and useful. Alun went over everything clearly to ensure that it was understood.

Shropshire December, 2018

What were the circumstances that caused you to look for an adviser?

I am over 55 and was looking for the best way to take tax free lump sum and Adrian was the best and easiest person to understand

How did Adrian Douglas help you?

Have the best info as well as doing it in a way I could understand

What is your current situation? Have you seen the outcome you were hoping for?

Very much so

What could they have done better?

In my mind Not a thing

Ayrshire November, 2018

What were the circumstances that caused you to look for an adviser?

I had a frozen pension and wanted to make it work better for me

How did Adrian Douglas help you?

Adrian went through all the options available to me & allowed me to transfer my pension which will allow me to retire early

What is your current situation? Have you seen the outcome you were hoping for?

Its been a year and I am extremely happy with the outcome so far

What could they have done better?

None he’s been great

Durham November, 2018

What were the circumstances that caused you to look for an adviser?

Got to an age where I needed to understand what I had in my nest egg for retirement down the line

How did Adrian Douglas help you?

Explain how my pensions worked and what my various options were. Very happy with all the advice and not rushed in any way

What is your current situation? Have you seen the outcome you were hoping for?

Only been running 1 year but no complaints

What could they have done better?

Doug has done a great job; very happy with the relationship and trust the advice.

Bedfordshire November, 2018

What were the circumstances that caused you to look for an adviser?

I was looking to learn more about EIS investing, and to possibly make an investment.

How did Adrian Douglas help you?

Adrian did an excellent job of explaining the advantages and risks of EIS investments, and then assistant me with making a number of investments. Throughout, he was responsive and easy to work with.

What is your current situation? Have you seen the outcome you were hoping for?

Yes.

London November, 2018

What were the circumstances that caused you to look for an adviser?

To switch my IFA for pension and SIPP services

How did Adrian Douglas help you?

He explained all possible avenues available to me and helped with my transfer

What is your current situation? Have you seen the outcome you were hoping for?

Yes

What could they have done better?

Non applicable very satisfied with the service I received

Kent November, 2018

What were the circumstances that caused you to look for an adviser?

We needed an IFA to assist us in the transferring of my final salary BA pension into a SASS.

How did Adrian Douglas help you?

Adrian was very good at explaining the pros and cons to me of transferring my pension and liaised with BA throughout the process to ensure a smooth transfer.

What is your current situation? Have you seen the outcome you were hoping for?

Yes all sorted and money sitting in the pot ready to invest.

Berkshire December, 2018

What were the circumstances that caused you to look for an adviser?

Advise on retirement

How did Adrian Douglas help you?

Talked us through our options on best deal for our retirement money excellent service

What is your current situation? Have you seen the outcome you were hoping for?

Yes

What could they have done better?

Could not have been any better no worries at all

Durham December, 2018

What were the circumstances that caused you to look for an adviser?

To review my options with my final salary pension scheme

How did Adrian Douglas help you?

By providing comparisons with staying in the scheme or transferring out to a personal pension plan

What is your current situation? Have you seen the outcome you were hoping for?

Yes

What could they have done better?

Nothing comes to mind

Middlesex December, 2018
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Need to speak to an adviser?

Call us on 0203 440 4165.

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Pension Transfer Advice
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