Taking Control of your Retirement Plans
Unlike fixed pensions or annuities the Managed Retirement account puts you in control of your retirement income. Like most people your financial outgoings will change considerably during retirement. Provided your long-term needs are adequately protected, under the Managed Retirement Account you will have the freedom to decide how much or how little to draw from your pension fund each year.
Matching Withdrawals to your Needs
Following 'pensions simplification', even greater flexibility is available. For example, you can now take instalments of tax free cash without drawing any pension income until later. This could be helpful to avoid higher levels of tax if you are still working part time and simply want to supplement your earnings until you take full retirement. Furthermore, after you start drawing a pension this can be stopped at any time, for example if you had taken early retirement but subsequently started working again. A retirement analyst will design the most appropriate combination of benefits to suit your own particular needs.
