Income Drawdown

Income Drawdown

When you retire, you don’t have to go down the route of purchasing your pension known as an annuity. You can consider Income or Pension Drawdown

Income Drawdown

For many people who have spent a large portion of their working life (if not it all) paying into a pension, you may be unhappy to know an annuity provider could end up keeping hold of your money if you die in the early years.

There is an alternative to purchasing a pension on retirement which allows your pension to remain invested and for you to take a portion from the pot each year as an income, hence the phrase ‘Income Drawdown’.

Income Drawdown, which from April 2006 became known officially as  Unsecured Pension  and from April 2011 will be known as Capped Drawdown and Flexible Drawdown– has the advantage of possibly leaving your family some legacy when you die, as your pension pot (after a tax of 55%) passes on to your family according to your wishes.

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