Enjoy flexible access to your pension on your own terms

Learn how to take control of your pension plan and enjoy the retirement you want

Do you want to access your pension on your own terms?

As part of the recent 2015 pension freedoms you no longer have to give away your lifetime pension savings for a fixed income for life (called a pension annuity). Flexible pensions allows you access to withdraw as much or as little retirement income as you wish, keeping your savings pot invested and gaining greater control and flexibility in retirement.

On this page we will help you learn:

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What is flexi-access drawdown?

Flexi-access drawdown is a pension product that lets you access your pension savings whenever you need to, while reinvesting your remaining funds in a way that’s specially designed to provide an ongoing retirement income. Flexi-access rules were introduced in April 2015 to help give people more choice with their pension savings.

Flexi-access drawdown allows you to withdraw as much or as little retirement income as you wish, while choosing how the remainder of your fund is invested. 

Flexi-access drawdown is available from your 55th birthday and we provide all the information you need to help you better understand your  retirement options.

Tip!

It is sensible not to make changes to your savings and investments without consulting a independent financial advisor. Request a consultation

What are the benefits and drawbacks of a flexible pension?

There are both advantages and disadvantages of this new way of taking your pension

    • Take out 25% tax free

      You can take up to 25% of the value of your pensions as a tax free sum at any time and this doesn’t have to be taken all at once

    • Flexible Income

      You can stop, start and change the amount income you take from your plan at any time

    • Invest the remaining amount

      Your money can continue to work for you until it is spent

    • Nominate someone to received your pension saving pot

      When you die your savings pot can be passed on to anyone you wish to

    • Running Out of Money

      The biggest risk of flexible access pensions is that you could run out of money and spend the pot completely. In contrast to the guaranteed income of an annuity.

    • Investment Risk

      Your savings pot value will fluctuate and depending on the risk level of the investments

    • Responsibility

      You must choose where and how your pension pot is invested, and how much to draw out each year. If you make the poor choices – whether in your investments or in how much money you take, then your pension pot could shrink fast and run out too soon

Is a flexible pension the right choice for me?

For those that require a guaranteed set level of income in retirement flexible access may not be the right choice, but for those who can tolerate some risk and require flexibility of income it may be worth considering.

Is there a financial risk for me using a flexible pension

There is a risk involved of the investments and the balance of how much money to take from your plan each year

Still have a question?

For a more in-depth discussion about whether a flexible pension is right for you, you can request a free initial consultation with one of our fully accredited financial planners.

Happy couple enjoying a free initial consultation about their flexible pension

Want to learn more about flexible pensions?

For more ideas about how a flexible pension works, sign up for access to our free information video series on flexible pensions

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Brought to you by the experienced team at Integral Financial Planning

As pension experts and experienced Chartered Independent Financial Advisors we can answer all your questions and help you make the most of your retirement.

  • Combined Shape

    Stephen Groves

    Chartered Financial Planner

*Risk warning: As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice. MyFlexiblePension is a guidance service provided by Integral Financial Planning Ltd who are authorised by the Financial Conduct Authority No 742975.