Are you ready to retire?

Accessing your pension saving is one of the most important decisions you will be faced with in your lifetime. Choices you make at this point could determine the income you will receive for the rest of your life and there could be many far-reaching implications for them.

There are many factors which must be considered before deciding what to do with your retirement savings. These are likely to include:

  • Consolidate my pension savings into one place?
  • Track down pension savings for which I don’t have any details?
  • Take an income from my pension savings now?
  • Stop working now or carry on?
  • Know the best way to take an income?
  • Provide an income for my spouse, partner or dependants when I die?
  • Ensure my income is protected against rising living costs?
  • Keep my options open?

Normally you can take an income and/or lump sum on or after your 55th birthday. Once you have withdrawn the tax free amount to which you are entitled you will need to pay tax at the rate applicable to you that year on any income you receive. You do not have to stop working to access your pension savings.

You may not wish to take all your retirement savings at once, especially if you are still working or using other investments to provide you with an income. If this is the case you may want to access portions of your pension savings at different times to provide you with the income you need.

To continue reading, please download our brochure.

Download the Sovereign® Retirement Brochure

“Accessing your pension saving is one of the most important decisions you will be faced with in your lifetime. Choices you make at this point could determine the income you will receive for the rest of your life and there could be many far-reaching implications for them.