Revised rules around pension freedoms has seen a significant increase in the number of people seeking guidance about their retirement funds at Explore Wealth Management.
Designed to provide people with more flexibility to decide how and when they access their pension, new legislation which came into play in April 2015, enables over 55s to withdraw as much of their pension pot as they like, when they like, something which has proved extremely popular with the majority of our clients.
There are a number of different ways of doing this, some of which are more tax-efficient than others.
With help from an accredited Financial Adviser, you can simply close your pension scheme altogether and withdraw all of the cash as a lump sum, assuming you haven’t already accessed your pension funds. Alternatively, you can take smaller amounts from your pension pot to help subsidise some of those larger purchases like paying off a mortgage, or buying a new car.
Explore Wealth Management clients, Mr and Mrs Pattinson* recently put the new pension freedoms to good use when they released funds to gift to their daughter for her first house.
Because the Pattinson’s daughter didn’t earn a high salary, she needed to find a deposit of nearly £50,000 to make the house that she wanted more affordable.
With help from Explore Wealth Management, the Pattinson’s managed to release this amount from their private pension funds to then gift to their daughter and as an added bonus, we also managed to secure the Pattinson’s a relatively high monthly income for their remaining pension fund so they can still afford to enjoy themselves during their retirement.
Our team of friendly, professional Advisers have already helped a substantial number of clients across the North East to benefit from the new pension freedoms.
If you have a pension valued at £100,000 or over, Explore Wealth Management can provide expert advice and guidance to help you to properly manage your pension and plan ahead for the future.
