Deciding the best way to get money out of your pension plan can be challenging, there is a lot to consider. This tool enables you to look in depth at the main options available to you and will help you to make an informed choice.
First we'll compare Annuities, Flexi-Access Drawdown, & the ability to encash your pension.
If you smoke you may be able to get a higher level of income from an annuity.
If you have any medical health issues you may be able to get a higher level of income from an annuity.
This will be taken directly from your fund.
You can normally take up to 25% of your pension fund, tax-free. This will reduce the amount you have left to provide an income.