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Taking your pension

When the time arrives to take your pension, it is important to get the right advice. A Pension Expert can help you to decide when to take the benefits from your pension. Your retirement income may increase if you choose to delay taking your benefits. You are legally entitled to take your pension benefits from the age of 55, but you do not need to retire and you can still contribute to your pension.

A Pension Expert can help you to shop around for the best levels of income for you in retirement. This ‘open market option’ can equate to a significantly higher income in retirement.

A Pension Expert can also help you to decide how you want your pension to operate. When taking your pension benefits you will usually be able to take 25% of your fund as cash. The remaining fund can be used to immediately provide you with an income or it can be left invested with no income being taken.

Individual circumstances are different and as a result you need advice tailored to your specific needs. Good advice when taking your pension can lead to significantly higher income in retirement.

Cashing in your small pension

There are rules in place that allow for people with small pension funds to cash in the entire fund. This may be the best course of action for you if it is unlikely that you will be able to increase your pension fund.

Cashing in small pensions has proved popular for many people with expensive credit card or other debts. Paying off such expensive debts now is more logical than allowing the pension fund to grow.

Cashing in your small pension will obviously reduce your level of income in retirement but importantly it can free up essential cash now. A Pension Expert can help you to decide whether this is a suitable option for you.