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Phased Retirement

Phased retirement can be particularly attractive to those who want to retire gradually, and replace their earned income with pension income. It is generally suited to those with a fairly large fund, or additional income, who do not wish to convert the whole of their fund into an annuity at an early stage of their retirement. You must, however, do so before you reach 75 years.

Phased retirement allows you to divide your pension fund into segments, you then choose how many segments you wish to convert into an annuity each year or as required. This gives you greater control and flexibility, as you can leave the rest invested within your fund. Effectively, if you take regular annual withdrawals, for example, the tax free cash element will make part of your income.

If you die before you receive your entire pension fund, your beneficiaries will receive the balance which is not included in Inheritance Tax calculations, making this a useful method of inheritance tax planning.

For more information on Phased Retirement click here.

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