PENSION INCOME
When it comes to drawing income from your pensions we can provide full advice to achieve the best income for the level of risk that you are prepared to accept. From no-risk bank accounts to higher risk stock market portfolios and we will agree regular reviews with you.
There are several different methods of receiving income from your pension fund, for example:-
Secured Pension.
Unsecured Pension.
Alternatively Secured Pension.
Lewis' is very well placed to put a long term plan together for your retirement income. We will take into account your other (non - pension) assets, your likely tax position and attitude to risk, before we recommend the most suitable method of achieving income in retirement from your pension fund.
Very often the death benefits from pension funds are not carefully considered before irriversable decisions are made. We will ensure that you are fully appraised of the tax position. You should be aware that post age 75, an unsecured pension fund is likely to be taxed at 82% on the death of the pensioner and their spouse. This is obviously far worse than Inheritance tax alone and should be carefully considered when planning retirement income.