Before you finalize your decision on which options to choose when accessing your Pension, you will need to understand and give careful consideration to the following:
- How do you maximize your Tax Free Lump Sum entitlement
- How much income you will get from your pension each week/month?
- How long will your pension income last?
- What happens to your pension if you die?
- What income tax will you pay on your pension income?
At this point, you may even have received communication from your pension provider requesting you to complete a form which asks you how much ‘Tax Free Cash’ you wish to receive and also asking you to choose between an’ Annuity’ or ‘Approved (Minimum) Retirement Fund (ARF / AMRF)’. It is very important that you select the right options, particularly with reference to the above considerations.
Terms such as ‘Tax Free Cash’, ‘Annuity’, ‘Approved (Minimum) Retirement Funds (ARF / AMRF’) are issues we deal with every day, and we understand what these options really mean for you and your family.
Before making any decisions, it is crucial that you understand what the full long-term implications of each of these options means.
These decisions are very specific to you and to your personal needs and circumstances.
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