The outbreak of Covid-19 has played havoc with the stock market and has meant we are seeing rock bottom interest rates which means you will need to look at your choices very closely.
A “drawdown pension” means that you can choose the amount of money you can take out and when. You could choose a monthly income or instead take lump sums, or even do both. Alternatively, you could choose to transfer your pension savings pot for a guaranteed income for life – this is known as an “annuity“. However, with current interest rates at such a low rate, the income you receive may be below what you were hoping for.
If you need help with your decisions and to discuss through your choices to maximise your retirement income for you and your family, please book a free consultation with one of our Independent Financial Advisers. We are truly independent which means we look at the whole of the market, so we are able to give you the best advice for your particular needs.