![]() ![]() To find out the options available and what you need to consider, please call our retirement service on 0800 3 68 68 73 or refer to an authorised financial adviser. However, if you’re still earning an income and contributing to your pension, transferring to a new arrangement could mean a loss of benefits, including employer contributions and valuable guarantees. Transferring your workplace pension into another type of arrangement, such as a self-invested personal pension (SIPP), could enable you to withdraw a regular, monthly income, similar to a salary. While many of our customers are able to take regular income payments from their Fidelity pension, your workplace pension may not have all income payment options available. You can change the funds you’ve invested in, how much and how often you choose to withdraw, and even change your provider. The advantage of flexible retirement income is that you can manage your money as your needs change over time. Changing your flexible retirement income arrangements The minimum age you can normally access your pension savings is currently 55, and is due to rise to 57 on 6 April 2028, unless you have a lower protected pension age. If you are in any doubt whether flexible income is suitable for your circumstances we recommend that you seek advice from an authorised financial adviser. This information is not a personal recommendation. Remember that regardless of which funds you choose the value of those investments and the income from them can go down as well as up. You need to think about the different types of fund choices that will support the way you draw down your pension. Whichever method you use to take an income, it’s important you plan carefully so you don’t run out of money. Investment Pathways, each of which is based on a different retirement income objective. If you have a Pension Drawdown Account, you may have access to four ![]() You have a wide range of funds to choose from. Think carefully about the way you invest your money.Monitor the amount you take out of your pension and how it affects the value of your remaining savings.Be aware of the amount in your pension and the value of any other investments, savings and income you have.So if you’re thinking about flexible income, you should: People are living longer and choosing to spend their retirement in many different ways. Achieving a sustainable income Will your money last as long as you need it to? Tax treatment depends on individual circumstances and all tax rules may change in the future. Your pension pot could go down dramatically if you don’t regularly monitor how your funds are performing. You can choose where to invest your pension to meet your needs. You need to decide which funds your pension pot is invested in as the performance of any funds will affect how long any income will last. You could run out of money if you take too much income from your pension pot. If you invest your money carefully and regularly review how any income is reducing your pension pot, you can ensure that your money lasts as long as possible. You need to consider how long you will need an income for, as you could live 20 years or more in retirement. ![]() You should ensure you understand what tax rates might apply to you. The rest of your money stays invested, and you can take withdrawals at any time.įlexibility of taking money when you need it and making further contributions if you wish.Īll income is taxed the same as any earnings you have. You can take it at any point from age 55 (57 from 2028).Īny cash you take reduces the amount of income you could receive. You can take up to 25% as a tax-free lump sum. ![]()
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