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At the PJL Information Hub, we regularly provide useful and easy to read blog articles on the topics that matter most to you. Written by our experienced advisers, we aim to provide concise and easy to read material which can be enjoyed in the time it takes to have a cup of coffee.

Part 1: An Introduction to income in retirement

Are you approaching retirement and thinking about your options to provide income after finishing work?

Welcome to our seven part series on income in retirement. In the coming weeks we will be providing an overview of your options.

Retirement planning is a complex area of finance which requires advice and guidance from an experienced financial adviser, however in the coming weeks we aim to demystify some of the most common options/products available and hopefully these topics could provide food for thought and can be used as a talking point for your initial consultation with your adviser.

What is a pension?

Pensions are essentially long term savings plans used to accumulate a sum of money during your working life to support you financially in retirement.

When can I retire?

The normal minimum pension age is currently set at age 55. Before this, pension funds cannot be accessed other than in exceptional circumstances such as end of life. This age will be increasing to 58 by 2028. From then on the minimum pension age will remain as ten years before state pension age.

How much income will I have in retirement?

At retirement your level of income will be dependent on a variety of factors including the size of your pension pots, the types of pensions that you hold and how you choose to take income from these plans to achieve your goals whilst maximising the tax efficiency of any income received.

In the coming weeks we will cover the following options:

The State Pension: When will I receive this and how much will I be entitled to?
Tax Free Cash: What is it, when can I take it and how much can I take?
Flexi Access Drawdown: What options can this provide?
Other ways to take generate income in retirement
Annuities: What is an annuity and when could they be beneficial?
Defined Benefit Pensions: What is a Defined Benefit Pension and what are the benefits associated with them?

Over the years, our clients have often accumulated a variety of different pensions from past employers or personal schemes. When there are several pension pots to deal with the administration of these schemes can become confusing and overwhelming for many of us and we may not fully understand what we actually have. Our goal is to help you understand what types of pensions you currently hold, if they are still suitable and how they can be utilised to achieve your goals.

If you would like to discuss your plans for retirement please feel free to get in touch. Our local, friendly team of Independent Financial Advisers will be happy to provide advice and suitable recommendations tailored specifically for you.

Give us a call on 01788 571122 and we will be more than happy to help.

The information provided is based on our current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice. All references to taxation are based on our understanding of current taxation law and practice and may be affected by future changes in legislation and the individual circumstances of the investor.

PJL Financial Services Limited are authorised and regulated by the Financial Conduct Authority.

Your home may be at risk if you do not keep up repayments or other loans secured against it.

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The Information Hub

Part 1: An Introduction to income in retirement

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