![]() The wrong pension plan / pension plan structure – your pension lacking the right features may cost you and your family dear. Nor will pension plans with product exit fees. Single managed fund solutions stop you from temporarily targeting, for example, bonds for income in a downturn.Ģ. The wrong fund(s) and asset allocation – there may be trouble ahead! With profits and smoothed funds won’t work for flexi-access drawdown. Top 5 flexi-access pension income drawdown mistakes:ġ. Risk gets real! If you’d prefer your money to outlive you rather than run out– feel free to drop me a line. I love this stuff! The benefit of 22 years' experience in advising in this area, is being able to recognise where pension 'drawdown' can (and often does) go wrong - so we can make sure our clients have the best chance of retirement success.Īfter all, there are only ever 2 outcomes with retirement income – the money outlives you - or you outlive the money (and there is no dignity in that). That method of delivering retirement income may (or may not) be a good idea - depending on your attitude to risk, overall income needs and other criteria. Newer 'drawdown' since April 2015 is now called flexi-access drawdown. This is where, instead of buying a guaranteed income (annuity) with your pension fund, you withdraw (drawdown) the funds direct from your pension pot(s). Back in April 1998 - I was a bit younger! Apart from that, I set up (so I'm told) the UK's first ever 'pension drawdown' plan via insurer Skandia Life. ![]()
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