Lump Sums

Free cash lump sum from your pension scheme

Take your whole pension fund as cash

You could close your pension pot and take the whole amount as cash in one go but as above there maybe tax implications.

Normally, the first 25% (quarter) will be tax-free and the rest will be taxed at your highest marginal tax rate adding it to the rest of your income.

There are many risks associated with cashing in your whole fund, and very careful consideration is required. Be sure to get financial advice before cashing in your whole pot.

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Flexible Income

With this option you can normally take up to 25% (a quarter) of your pension pot or of the amount you allocate for flexible drawdown as a tax-free lump sum.

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Guaranteed Income

Annuities can provide you with a guaranteed income payable for either the rest of your life or a fixed number of years.

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