Retiring

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Prior to taking your pension you will be given various options to consider. It is very important you take advice on these as your choices may be irreversible and could affect your longterm retirement. 

  • Tax free lump sum should I take the maximum 
  • People in poorer health or residing in poorer areas, having a lower expected lifespan, will probably be able to obtain an increased pension due to their  circumstances 
  • With personal pensions always get comparisons through independent advice to ensure you are getting the best possible solution
  • If your partner has little or no pension and you may wish to provide them with more than the normal 50% spouses pension 
  • you may not have a partner at retirement and want your family to benefit when you die
  • You may wish your pension to be flexible, possibly to save on paying income tax 

If you are interested in flexibility and the prospect of passing unused pension to your children then check our Pension Drawdown section.


pension forecast

contact us

OnTrack Financial Planning Ltd. is authorised and regulated by the Financial Conduct Authority FCA Firm Number: 566312
Registered in Scotland, Registered No.SC406825, Registered Address: 6 Wallace Brae Grove, Reddingmuirhead, Falkirk, FK2 0FF.