As soon as your birthday candles are lit and the family has sung happy 55th birthday you are now quite within your rights to draw your pension as and when you wish.
This new development now applies to all new income drawdown plans implemented after 6th April 2015, also known as F.A.D. or flexi access drawdown funds. You can move into flexi access from old drawdown funds.
It is worth pointing out however, that should you move to a flexi access drawdown and start to take an income from it, excluding taking your tax-free cash only, this will now reduce your annual allowance to £10,000 per annum.
There are important tax consequences to consider when moving into flexi access drawdown.
Contact us today for an informal chat and we’d be more than happy to set some time aside for a full review of your options.
Call: 01782 557800