Since 2015 the pension reforms have allowed greater pension freedom. Millions are released each day, as anyone aged 55 and over can take the entire amount of their defined contribution pension scheme as a lump sum. With this freedom does come increased responsibility to use this allowance wisely. There are a number of different options when you are deciding how to take your defined contribution pension pot. For example take cash lump sums, combine your options and having a guaranteed income (annuity) are just some of the options to consider. Seeking professional financial advice could help you to manager your pension pot.
