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Its no longer a requirement to purchase an annuity with your pension fund, while this doesn’t mean that its not the best option. With many options to chose from it is important to understand the risks and rewards on each of them. Income drawdown will allow more flexible access to your fund but without proper planning you can leave yourself short on income.
Many people are getting confused with how much income they can take out of a pension and what the tax position is, generally you can tax 25% of your fund on a tax free basis initially, however the remainder of the fund will be subject to tax on your marginal rate regardless of whether you take income drawdown or buy an annuity. Bu speaking to an adviser you can set up a tax efficient way to take your income, if you have savings other than the pension these can also be used to supplement your income.
This is the “how long is a piece of string” question, with income drawdown comes responsibility. The fund will generally still be invested with an aim of at least matching inflation to ensure that the fund is not eroded in value. For example £10,000 in 1990 would buy you considerably more than what £10,000 would buy you in 2018. As such advice normally continues INTO retirement rather than ceasing at Retirement