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Pension Drawdown (Credencis Ltd)
If you are over 50 you could release a tax-free cash sum from your pension right now without taking your pension income. The cash can be used for any purpose including paying off personal debt.
Pension Drawdown, which is often also be referred to as Income Release, Pension Release and Income Drawdown is simply a much more flexible alternative to buying an annuity.
For example, If you are aged over 50 and have a pension fund that has built to a suitable level, you can release a cash lump sum, tax free, without having to retire or take an income from the fund.
In addition to the tax free lump sum, you are also allowed to take regular income withdrawals however, unlike the tax free lump sum, the additional withdrawals are taxable. The remainder of your pension fund will still continue to be invested in the normal way until retirement.
It should be said, however, that pension drawdown is not always suitable for everyone. There are many alternative methods of raising capital and these should always be taken into consideration. Don’t forget that releasing funds from your pension early will inevitably have in impact on the value of your pension plan at retirement.
As we’ve already mentioned you are allowed to take benefits from your pension funds from the age of 50 onwards without the necessity of buying an annuity. However, from 2010 the qualifying age will be raised to 55.
From when you start taking benefits from your funds and up until you reach 75 you can use pension drawdown to release both a tax-free cash lump sum and an income directly from your existing pension fund.
What’s left of the fund (after the release of the tax-free cash) remains invested as a pension fund and will continue to benefit from a tax efficient environment in the same way that it did prior to the pension drawdown.
For further information:
Pension Guru's daily blog
Credencis Ltd
18 Prince Street
Long Eaton
Nottingham
NG10 4LH
United Kingdom
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