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Can Flexible Drawdown cut your debts ?

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New Pension Freedoms – 1 in 5 releasing pension money via Flexible Drawdown to pay off debts

Recent statistics shows that 1 in 5 people who take money out their pension funds are doing so to pay off debts. A third of people entering retirement have debts, with the average being over £34,000. *

The Pension Freedoms which came into force in April 2015 have given people more flexible access to their pension pots. Over £7.6 billion has been paid out from peoples’ pension funds in the last 18 months.

Of those taking funds from a flexi access drawdown contract, the average amount withdrawn in the first 12 months of Pension Freedoms was £3,800. Those with smaller pension funds who have cashed in their whole pension, have received an average payment of £14,500.

The prediction of former Pensions Minister, Steve Webb, that people would “blow their funds on Lamborghinis” seems far from the truth with people being cautious about taking money out of their pensions. Your pension is of course meant to sustain you in retirement, but if you feel that releasing money from your pension fund might be a good idea, then we can help.

Many people with final salary pension are taking advantage of the historically high transfer values** and using their tax free lump sums to pay off their mortgage debt.

We have years of experience at helping people take their tax free cash or further lump sums from their pension fund, while leaving the rest invested until you are older. We can provide you with a free no obligation quote and a personalised information pack, and we will answer all of your questions to ensure that you make the right decision for your circumstances.

You can visit our website www.best-drawdown-pension.co.uk or call us on 020 33 55 4827.


[*] Old Mutual Wealth Retirement Income Uncovered 2016 ; ABI Pension Freedoms Statistics One Year On

[**] Article re-writtten April 2017

Common uses of flexible drawdown :
  To just take the tax free lump sum from your pension fund [Click Here]
  To keep your pension fund invested until you need to take money from it
  To provide an emergency fund
  To create additional tax free lump sums in the future
  To plan for tax by making withdrawals to keep income below the next tax limit
  To take income out of your pension as quickly as possible
  To take all of your pension in one go [Click Here]
  To reduce future inheritance tax liabilities
  To guarantee that the full value of your pension pot either goes to you, or the ones you love
  All of the examples above can carry a number of risks or possible tax charges.
Nothing in this article should be taken as personal advice and recommendation. UK tax rates and legislation are liable to change. Products, concepts, rates, legislation and rules referred to in the article above may not be current at the time you read the article.
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Before you make any decision, it is imperative that you are fully aware of flexible drawdown pensions and the vaious ways it can be used. It is also impportant that you understand how your money is invested and any potential tax issues. At Best Pension Annuity, we have been assisting shoppers to make use of their pension funds in all manner of ways. We are exceptionally proud of the feedback our customers give us. If you have any question about flexible drawdown pensions or how we can help, please don’t hesitate to contact us. You can call us on 020 33 55 4827 Now !!
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Please Note : The new Pension Freedoms place a great deal of responsibility on the customer to make the right long term decision about their pension fund and how it is used. While Government Ministers say they "trust" people to make the right decisions, they will not have to deal with the financial consequences of a customer making the wrong decision. Your pension fund was intended to provide you with a long term income in retirement, if you take it all as one lump sum you may find yourself with little or no income during the later years of your life. This website does not give personal financial advice, you should think very carefully before making an irreversible decision. If you are in any doubt please request our independent financial advice service or speak to the Govenment's free guidance service Pension Wise.
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