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Small Pension
SandLake
Posts: 534 Forumite
in N. Ireland
I have a small pension that is about to 'mature'. Realistically I know that I want to draw it down but I need professional help to do that. Can I get a recommendation for someone to help with that - does it have to be an IFA?
I live in Antrim but can easily travel into Belfast
Thanks
I live in Antrim but can easily travel into Belfast
Thanks
0
Comments
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The whole private pension system changes from April this year. Basically you can take your full amount, big or small as one payment, to spend how you want, even a Lambourgini. So if you can wait till then you dont need any specialist advice. Of course if you take it like this and spend it "foolishly" you will have no income apart from state pension. But its a great advance for pensioners and if managed correctly gives so many more optionsI started out with nothing......And still have most of it left:p0
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If you take it in one go then you get it all taxed in one year so that may not be the best option depending on other income you may have.0
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