What is income drawdown
Income
or Pension Drawdown
Income drawdown is an investment towards your pension which provides the way of taking money out of your pension to live on in retirement. You can take this money at any point from age 55 and have a defined contribution pension to access your money in this way.
- Take money from your pension pot as and when you need it, in order to receive a retirement income.
- You can keep the rest of your pension pot invested and carry on contributing if you wish.
- You have the option to pass on what’s left of your pension pot to your loved ones when you die.
- You can change your mind at any time and purchase a different retirement option.
Income
or pension drawdown rule provides an alternative option to an annuity if you
prefer to have greater control and flexibility over how and when you receive
your pension income. If you would like to know more about the Income or Pension
Drawdown, included the full conditions, advantages, how to calculate for using
income drawdown, you can explore here: Income
or Pension Drawdown.
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