What are my options?

There are several options available in the UK, including UFPLS, FAD, capped drawdown, annuity, and TFC.

UFPLS (uncrystallised funds pension lump sum) is a method of withdrawing a lump sum from a pension fund without the need for an annuity. It allows you to withdraw a portion of your pension savings as a tax-free lump sum while leaving the rest of the funds invested.

FAD (flexi-access drawdown) is a more flexible option that allows you to withdraw money from your pension savings as and when you need it. You can take up to 25% of your pension savings as a tax-free lump sum, and the rest of the funds remain invested.

At Retirement

Capped drawdown is another option that allows you to withdraw a capped amount of money from your pension each year while leaving the remaining funds invested. The cap is calculated based on your age and the value of your pension savings.

An annuity is a way of converting your pension savings into a regular income for life. You can choose from a range of options, including single or joint life annuities, level or increasing income, and guaranteed income periods.

Finally, the tax-free cash (TFC) lump sum is the amount of money you can take from your pension as a tax-free lump sum. The maximum amount is usually 25% of your pension savings.

At Retirement

In summary, when planning for the drawdown of a pension in the UK, it is essential to consider all available options and choose the one that best suits your needs and circumstances. UFPLS, FAD, capped drawdown, annuity, and TFC are all viable options to consider.

At Retirement
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    Pete, the perfect pension person! Pete is spot on for what you need in an adviser... explains everything in simple terms if you don't grasp the topic, or mind bending detail if you do. Extremely knowledgeable, thorough and efficient. Fully recommended! - November 2023 (Cannock)

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    Peter is very knowledgeable and approachable. He explains things thoroughly and makes sure you understand everything about the policy you are taking out - September 2022 (Staffordshire)

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    Very pleasant no pressure experience. It was a very pleasant no pressure experience. The information and advice was delivered in a very interesting way and relative to my requirements. Would highly recommend and hope to do business with them for years to come. - August 2023 (Cannock)

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    I recently had a great experience with my financial adviser, Peter. He is very knowledgeable and provided me with excellent, personalised advice and recommendations that matched my financial goals. He is extremely personable and provided very good customer service, both of which made the whole process stress free and easy. I have already and will continue to highly recommend his financial services. -June 2023 (Birmingham)

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    Peter and Molly were amazing. We had so much stress with people not getting back to us and they well and truly fought our corner. They both had a fantastic knowledge base and were accommodating for us both working full time. Most importantly they were customer focused. They understood our needs and as first time buyers they supported us throughout. We would highly recommend Pete and Molly to anyone and we have already referred a family friend to their services. If you want customer cantered support with timely responses and an excellent knowledge base, then Stalworth is the financial advisor for you. - August 2023 (Cannock)

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