Our research tells us over a third (35%) of pension holders know nothing about the different options available for when the time comes to retire. It’s a complicated topic but choosing what to do with your pension is one of the most important decisions you’ll ever make.
Of the pension holders we surveyed*:
You’ll usually be able to access 25% of your pension pot tax-free. If you decide to do this you’ll need to decide what to do with the remaining 75%. Here are a few options for you to think about:
When choosing what to do with your pension savings, some decisions may be irreversible or contain levels of certainty or risk. We’d recommend you get expert help and financial advice.
Getting advice on your pension could see you significantly better off. By taking advice on your pension, you'll be able to:
When reviewing the best options for you, your adviser will look at the most tax efficient way for you to take money from your pension. Paying less tax will mean you’re better off.
At LV= we’ve been specialising in providing trusted and regulated retirement advice for over 20 years. Our friendly advisers will get to know you and find out what you want your retirement to look like. They’ll help shape your options to help you meet your goals and enjoy a safe, secure retirement.
Learn more about how our pension advisers can help you plan for retirement and get your pensions ready for the retirement you want to enjoy. You can request a call back from one of our friendly advisers today.
Alternatively you can find an adviser by using unbiased.co.uk.
*LV= surveyed 4,000 nationally representative UK adults via an online omnibus conducted by Opinium in June 2021.
View the July 2021 Edition of the LV= Wealth and Wellbeing report