Do you know how your pension is performing ?

Here at Browns Financial Services, we offer a Free, no obligation review designed to put you in more control of your pension and simplify the pension process for you.

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Your pension fund helps us to calculate the annual annuity income you could receive.
Your retirement income will vary according to your age when you buy an annuity

Savers aged over 55 from April 2015 will be able to access their pensions with complete freedom. Instead of being forced, under Government rules, to convert savings into a chunks of annual income, they will be able to take out as much as they like, as often as required. Historically, savers with non-final salary pensions – i.e. with pots of money invested in the stock market – have bought annuities. This turned a pension into a regular income that lasted for life.

A small number of wealthier savers were able to avoid annuities and use “income drawdown”, where the money remained invested as an income was taken. However, a cap on withdrawals applied for all but the very wealthiest who had £20,000 annual incomes from other pensions.

From April 2015, savers have three main choices: with all their pension money immediately; leave it invested and take income when required; or buy an annuity. Withdrawals will be liable for income tax. People who have already bought annuities are excluded from the freedoms.

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Holly Brown

Director, Browns Financial Services