There is plenty of help out there
The good news is that there are plenty of options that you can choose for your pension. No two people’s lives are the same, so it is good to mix and match these options to suit your own unique needs. The bad news is that is that there are plenty of options you can choose from for your pension and making those choices can be daunting. That is why it cannot be stressed enough that you should consult an expert. You can leave your money invested in your pension pot until you need it. OR
You can use your pension pot to buy an insurance policy that gives you a guaranteed income for the rest of your life. This is called an annuity. Or you can take 25 per cent of your pot as tax-free cash and buy an annuity with the other 75 per cent. Or go for an adjustable income when your pot is invested to give you a regular income. You decide how much to take out and when, and how long you want it to last. There is also the option to take smaller sums of money from your pot until you run out; your 25 per cent tax-free amount isn’t paid in one lump sum, you get it over time Or you could take your entire pension pot in one go and cash in your entire pot; 25 per cent is tax free, the rest is taxable. If you decide to do this then make sure that the advice you have taken is very, very sound. With so many options, and permutations of those options, it makes sense to seek advice. If you go down the path of seeking professional financial advice then make sure you use an Independent Financial Advisor. In the UK, regulated financial advice can be either independent or restricted; restricted means the advisor can only recommend certain products or product providers. Independent Financial Advisors are regulated by the Financial Conduct Authority and the advisor must meet strict qualification and competence requirements.