Or you could choose to set up and use pension drawdown without advice.
If you want to take money from your pension in this way, you’ll need to make decisions about:
- how much money to take out and how often
- which funds and markets to invest in.
You’ll need to regularly review them to make sure your money lasts as long as you need it to, keeping in mind the impact of inflation.
If you’re thinking of going it alone, you should check what your existing providers offers. Although not all pension providers or schemes offer the ability to take a flexible retirement income from your pension pot. If this is the case, then compare this with other options on the market.
You can approach other pension providers directly to ask them what payment options they offer and to compare charges, services and flexibility.
Some providers will offer you a choice between simple ready-made investment options, which are linked to your retirement plans (these are called investment pathways).
An investment pathway is a ready-made investment option. This simplifies the decision of how to invest your remaining pension pot after you’ve taken your tax-free lump sum. As with all investments, the value of your pot can go up or down.