Since April 2015 greater flexibility has been given by the Government with how to access your pension pot. There is no longer a compulsory requirement to purchase an annuity with your savings. This means those ready to draw their pension can choose from a wider variety of options when they come to retire. From 2015 HMRC say that average withdrawals have been falling steadily and consistently. This means that greater flexibility has encouraged more people to use their savings to better adapt to them. You could consider for example to delay taking your pension, take lump sums, take the cash in one go, or simply mix your options. Seeking professional financial advice could help you to make your pension plans more effective for you.
