<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1149599255092368&ev=PageView&noscript=1"/> Pension Freedom | Lemonademoney.com
PRE RETIREMENT
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Pension Freedom

2015 was a big year for pensions because now you have complete freedom to access cash from your pension funds!!

1

Withdraw the whole fund

You can choose to take all of your pension as a cash lump sum, but it's important to remember that only 25% of the fund is tax free, so you might have to pay income tax on the rest!


2

Get an income for life

You could get yourself an annuity, which will turn your pension pot into a guaranteed income for the rest of your life.


3

Leave it untouched

You can leave your pension where it is and even contribute to it if you wish. Your pot could continue to grow and you could have more money to fund your retirement!

An untouched pension fund gives you extra life cover as it would pass to your beneficiaries tax free!


4

Not ready to retire just yet?

Find out the maximum contribution your employer will make to your pension. This will typically require a certain level of contribution from you. Find out what level this is and aim to meet it if you can afford to.

You may also have pensions from previous jobs. It’s worth reviewing these to make sure they still meet your needs.

If you are self-employed consider making pension contributions. You will be saving for the future and can reduce your tax bill at the same time.

The Lemonade pension is an option if you don’t have an employer’s scheme or want to transfer an old pension -

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