Retirement is a big stage in any person’s life, especially when it comes to handling your pension. Pension drawdown however, is a great alternative for those unsure of the best way to withdraw their pension funds. This route allows you to instantly take 25% of your pension as a tax-free sum, and the remaining 75% will be converted in to income units. It’s essential that you seek professional financial advice to ensure the process goes smoothly, and for those living in Scotland Maxim Wealth Management Ltd can do just that. With a team of expert advisors we offer extensive knowledge of pension drawdown in Glasgow, to get you on the right path for an enjoyable retirement. Contact us today for more information.
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Flexi-Drawdown Options in Glasgow
If you are considering income drawdown in Glasgow, another option open to you is the flexi-access drawdown. If you are 55 or over, you can choose to take 55% of your total pension fund tax-free, and you can also choose how much pension income you receive too. If you choose this latter option, you can change the amount at some point in the future. This is particularly useful if you are working part-time in your final working years as you can then increase the income amount when you cease working. There are several benefits to choosing this flexi option:
- Freedom to vary pension income according to your needs.
- It does not form part of your estate as far as inheritance tax is concerned.
- It passes at the beneficiary’s rate of income tax.
- Ideal for clients with small pension pots.
We can help you understand the income drawdown options available to you in retirement – and how to maximise them to your advantage
Secure Your Future With a Pension Drawdown in Glasgow
Whichever solution seems appealing to you, it’s essential that you get professional advice before you go ahead. Here at Maxim Wealth Management Ltd we aim to advise everyone on the best routes for financial security to ensure that your later years are stress-free. To discuss the different options available to you, speak to one of our expert team members on 0141 764 0040 or book your first free appointment today.