Please note that the following is for information purposes only. You should always seek financial advice before making any financial decisions.
Right for you if:
You are comfortable taking some investment risk.
Income can be varied, which may assist in tax planning.
Your family can benefit from the full value of your pension fund if you were to die.
Wrong if you:
Want the security of a fixed, guaranteed income for life.
If you are unsure about takings risks then flexible income may not be the best option for you. You could consider a fixed income for life instead
Pension income could be affected by interest rates at the time you take your benefits. The tax implications of pensions withdrawals will be based on your individual circumstances, tax legislation and regulation, which are subject to change in the future.
The value of your pension can go down as well as up and you may get back less than you have invested.