Your retirement options
Are you aware of the right options in place for making life-changing decisions that will secure your income and shape your future?
More flexibility than ever before
As you approach retirement, you'll need to decide how to access the money you've saved in your pension pot.
The choices you make now will affect your income for the rest of your life, so it’s important to understand your options. The good news is, you have more flexibility than ever before.
How can you access your pension?
Since the introduction of pension freedoms, you have several ways to take your pension benefits. The main options generally include taking a tax-free lump sum and then using the rest of your pot to provide an income.
Primary ways to access your pension savings:
Pension annuity
This provides you with a guaranteed income for the rest of your life. You use your pension pot to buy an annuity from an insurance company. It’s a secure, low-risk option, but it offers less flexibility.
Flexi-access drawdown
This option enables you to leave your pension pot invested and draw an income from it as needed. It offers greater flexibility and the potential for your fund to continue growing, but it also carries investment risk.
Taking it all as cash
You can take your entire pension pot as a lump sum. The first 25% is usually tax-free; however, the remaining amount will be taxed as income. This could result in a substantial tax bill, and you will need to manage your finances carefully to ensure they last.
A mix of options
You don’t have to choose just one path. It’s possible to combine options, such as using part of your pot to buy an annuity for a secure income and leaving the rest in drawdown for flexibility.
How we can help you choose
Deciding how to take your pension is one of the most significant financial decisions you’ll ever make. At DG Financial Services Ltd, we are here to provide clear, impartial advice to help you navigate your choices with confidence.
Our independent advisers will help you:
- Understand options to determine the best fit for your situation
- Assess your attitude to risk and your income needs in retirement
- Explain the tax implications of each choice
- Create a retirement income strategy that is tailored to your life goals
Let us help you make an informed decision that secures the comfortable retirement you’ve worked so hard for.
What to expect when you work with us
Designed for your confidence, our process ensures retirement planning clarity:
Initial consultation
We’ll start with a confidential, no-obligation meeting to listen to your situation, understand your concerns, and identify your immediate priorities.
Financial review
Our team will conduct a thorough review of your shared and individual finances to create a complete picture of your assets, liabilities, and future needs.
Strategic plan
We will develop a clear, personalised financial plan with actionable steps, helping you move towards financial independence.
Ongoing support
As you implement your plan, we remain available to answer your questions, adjust to any changes, and provide continuous guidance.