Income Drawdown, otherwise called Income Withdrawal
A Pension that allows you to withdraw income while the rest of your fund remains invested.
This is a type of pension that is unsecured. It allows you to withdraw income directly from your pension fund while the rest of your fund remains invested. Income Drawdown is available within a QROPs. If you have an existing UK Income Drawdown plan you can transfer this also to a QROPs which may have substantial benefits to ex-pats.
When to buy an Annuity?
From 6 April 2011, the rule forcing annuity purchase by age 75 has been abolished. Annuities can change on a daily basis and with rates extremely low it may not be the correct time to purchase an annuity.
However, this will depend on your individual circumstances and objectives.
At Peter Male we can check whether the annuity rate offered to you is a competitive one.
Transferring from a Company Pension
...when your company pension doesn't allow Income Drawdown.
If you are interested in Income Drawdown from an unsecured pension, it may already be an option in your current scheme, and your administrator will let you know how much income you will get under this arrangement.
But if your company pension scheme doesn't offer an unsecured pension that will allow Income Withdrawal, (and very few occupational schemes do offer this as an alternative) you might want to think of transferring your benefits to QROPs scheme that does. Ask Peter Male for advice before you make a decision.
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Flexible Drawdown
Flexible Drawdown will allow some individuals the opportunity to withdraw as little or as much income from their pension fund, as they choose and as and when they need it.
You have to declare that you are already receiving a secure pension income of at least £20,000 a year and have finished saving into pensions.
Secured pension income means:
- A company pension being paid to you either from the UK or from Overseas; or
- An annuity being paid to you (from a personal pension or company pension) either from the UK or from Overseas; or
- A state pension being paid to you either from the UK or from Overseas
Financial Advice
Everyone's circumstance is different and off the shelf financial products may not cater for your personal needs; but with the right financial advice from a qualified and experienced financial advisor we can help you weigh up your options and execute your wishes.
Reviews & Checks
Life changes. For this reason, whether business or personal, a review of your financial present and future, can increase financial health and your peace of mind. Moreover, you need your money to work for you and that's our job. A quick chat on the phone is all that's needed.
Free Consultation
In the interest of the environment we like to determine your needs over the phone or email, and your free consultation can start from there. If we need to visit and need a few hours with you then we'll let you know if there are any fees. But we do offer the first hour for free.
Investments
All clients of Peter Male are seen as long-term clients and as such our relationships with all our investor clients are financially intimate. Moreover, liking each other is part of trusting each other so we nurture all clients at a pace that suits their pace and our approach.
Quick Links to Financial Solutions
Our Spanish Office
Peter Male Financial Planning has been operating from Benalmadena Pueblo, Malaga since 2002 and with agents in Spain and Introducers in the UK we offer more flexibility..
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