The value of pensions and the income they produce can fall as well as rise.

At Davidson Associates (Financial Services) we feel it is extremely important for individuals to set money aside for their retirement, one of the most tax efficient ways to do this is by saving into a Pension Plan

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More choice, more freedom, more decisions

In his 2014 Budget, George Osborne announced that he would abolish all restrictions on how we spend our pension savings. These changes became effective from April 2015. Good news? Maybe. More freedom of choice is good as long as you know what choice to make. The right choice can make your retirement; the wrong coice could damage it.

We take pride in offering a personal service that takes into account your individual circumstances. Your financial situation is unique, so we work hard to understand your goals and aspirations, and make financial recommendations based on a comprehensive and detailed nalysis of your needs.

Another thing to consider is that we're all living longer. Your retirement fund may have to last you thirty years or more, so you need to save as much as you can, as efficiently as you can, for as long as you can. The earlier you start the better.

Using your retirement fund

There are many ways of using your retirement fund to give you the income you need. There are also many questions you need to consider before you can decide what is best for your unique needs.

Do you draw on your retirement fund like a bank account?
Do you opt for a guaranteed income for life?

Do you need a lump sum?

It's important to know what your ambitions are as you may be retired a long time. You may need to make your savings last twenty years or more; this means you must make the right choices so you don't run out of money.

Understanding what happens if you die

There are also choices when it comes to deciding what to do with the retirement fund that remains when you die. The choices that exist and the tax treatment of the remaining fund also depend on how old you are when you die. It pays to consider this when deciding how to construct your retirement income.

If you feel your pension is not performing the way you had hoped why not Contact us today for some expert advice on the different options which may be available to you to ensure your pension is maximised to the fullest.

You may get back less than you invested.