Pension Drawdown Advice

Pension Drawdown, also known as income drawdown, is a way to withdraw income from your pension pot while keeping the rest of your funds invested.
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
PENSION DRAWDOWN

This website describes our Pension Tracing Service. We are not affiliated with the Government’s Pension Tracing Service and if you have come to our site by mistake you can find the UK Government’s Pension Tracing Service here

GOV.UK

What is Pension Drawdown?

The Pension Drawdown approach could potentially offer a greater control and flexibility compared to purchasing an annuity, as you can adjust your income according to your needs. Unlike a traditional annuity, pension drawdown allows your pension pot to remain invested, potentially growing over time.
Tax treatment varies according to individual circumstances and is subject to change.
Transferring out of a defined benefit/ final salary pension is unlikely to be in the best interest of most people.
Transferring out of a final salary pension is unlikely to be in the best interest of most people.

Want to take charge of your retirement income?

Talk to our expert advisers about Pension Drawdown options and learn how we can help you optimise your retirement savings.

Benefits of Pension Drawdown?

Flexible Income: You can decide how much income to take and when, adapting to your changing financial needs.
Tax Planning Opportunities: By managing your withdrawals, you could optimise your tax liabilities, potentially keeping more of your money.
Investment Growth: With your pension pot still invested, there is potential for growth, helping to maintain or increase your retirement savings.
Access to Lump Sums: You could take tax-free lump sums as part of your Drawdown plan, potentially providing financial flexibility.
Pension Drawdown can be ideal for those who want more control over their retirement income and are comfortable managing their investments.

Our Pension Drawdown Service:

At Beals Wealth Management, we offer comprehensive pension drawdown services, so that you can enjoy a secure and flexible retirement. Our services include:
Initial Planning: We work with you to understand your retirement goals and develop a tailored drawdown strategy.
Setup and Implementation: We handle the setup of your drawdown plan, ensuring all legal and regulatory requirements are met.
Ongoing Management: Our advisers continuously monitor your investments and drawdown plan, making adjustments as needed to keep you on track.

How does our Pension Drawdown Process work?

Here’s how the Pension Drawdown process unfolds with us:
Initial Consultation: We assess your financial situation and retirement goals to determine if drawdown is right for you.
Customised Plan: Based on your needs, we design a personalised drawdown plan, including investment options and withdrawal strategies.
Setup: We set up your drawdown arrangement, ensuring that all regulatory requirements are met and your investments are aligned with your goals.
Ongoing Review: We regularly review your plan, providing advice and adjustments to optimise your income and investment performance.
We are committed to providing you with ongoing support and advice, helping you adjust your drawdown plan as your needs evolve.

How does a Pension Drawdown work?

In a pension drawdown, you can usually withdraw up to 25% of your pension pot tax-free. The remaining funds stay invested, and you can take income or lump sums from it, but these withdrawals are potentially subject to income tax.

What are the risks of Pension Drawdown?

The main risks include the potential for your investments to decrease in value, outliving your savings, and fluctuating income due to market conditions. It's important to have a well-thought-out withdrawal strategy and consider consulting a financial adviser.
Fixed Annuities: Provide a guaranteed, fixed income.
Variable Annuities: Payments vary based on investment performance.
Indexed Annuities: Payments increase with a measure of inflation.
Joint Annuities: Continue payments to a spouse or partner after the policyholder's death.
The income from a pension annuity is calculated based on factors like your age, gender, the amount used to purchase the annuity, and the type of annuity chosen. Health and lifestyle factors can also influence the income amount, along with interest rates.

How much can I withdraw from my Pension in Drawdown?

There are no strict limits on the amount you can withdraw, but it's important to plan carefully to ensure your funds last throughout your retirement. Our advisers can help you determine a sustainable withdrawal strategy.

What are the tax implications of Pension Drawdown?

While the first 25% of your pension pot can normally be taken tax-free, any subsequent withdrawals are potentially subject to income tax. We can help you plan your withdrawals to minimise tax liabilities.

Can I change my Drawdown plan later?

Yes, pension drawdown is flexible, allowing you to adjust your withdrawals and investment choices as your circumstances change.

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Our Pension Drawdown Advisers

  • ALEX HUDSON

    Financial Planner

    CHARLES BOYD

    Financial Planner
    Chris Milczarek

    CHRIS MILCZAREK

    Financial Planner

    DEAN FERMIE

    Financial Planner

  • DANIEL PYLE

    Financial Planner

    JAMES BLACK

    Chartered Financial Planner

    JAMES GRANT

    Financial Adviser

    LIDIA HOSSELL

    Financial Planner

  • MIKE SMITH

    Financial Planner

    PAUL JANES

    Director

    TREVOR WALLBRIDGE

    Financial Adviser

    WILL ASHLEY

    Financial Planner
Ready to take control of your retirement income? Explore your Pension Drawdown options with our expert advisers to learn more about how we can help you manage your retirement savings. 
Looking for a Pension Specialist Financial Adviser near you? 
Contact us today to schedule a free initial appointment to discuss your pensions options!
Transferring out of a defined benefit/ final salary pension is unlikely to be in the best interest of most people.

Why Choose Us?

Expert Guidance: Our team has extensive experience in pension drawdown, providing you with knowledgeable and reliable advice.
Tailored Solutions: We understand that each individual’s retirement needs are unique, and we offer customised solutions to fit your specific circumstances.
Comprehensive Support: From initial planning to ongoing management, we offer full support, ensuring your retirement funds are managed effectively.
PENSION DRAWDOWN
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited August 2024

Disclaimer

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. Beals Wealth Management and Pension-Tracing-Service-UK.co.uk are trading styles of Beals Mortgage and Financial Services Ltd, an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited which are authorised and regulated by the Financial Conduct Authority. Beals Mortgage and Financial Services Ltd is registered in England and Wales, No: 08286166. Registered Address: Unit 1 Fulcrum 2 Solent Way, Whiteley, Fareham, PO15 7FN

Auto enrolment, Taxation Advice including Inheritance Tax Planning, Estate Planning and Pension Tracing are not regulated by the Financial Conduct Authority.
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