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Understand your retirement choices from 6 April 2015

Deciding what to do with your pension pot is an important step, and now you’ll have more choices to consider once you reach 55.

Take a look to see some of the things that you could do.

Video transcript

From April 2015, savers will have complete freedom to access cash from their pension funds.

If you’re 55 or older, you’ll have four choices:

One - withdraw all your pension money immediately and spend it on whatever you want

Two - take some of the money, as and when you need it

Three - use it to buy yourself an income for your lifetime

Or four simply leave the money where it is. You can make your choices later.

You’ve got to think about the taxman too. You can only take 25% of your pension fund tax free. The rest will count as part of your annual income, which you’ll be taxed on at your marginal rate.

As tempting as it might be to withdraw all of your pension fund now, you need to think carefully about how much you’ll need to live on. Once you’ve made a decision, you may have to stick with it.

But that doesn’t have to mean you take nothing from your fund. You might want to take some cash to do some home improvements, or take a holiday.

Or you might find you could save money by taking a cash lump sum to put towards paying off any debts.

Whatever you decide to do, it’s worth giving some thought to your plans for your pension fund right now.

Otherwise, when the time comes to finally put your retirement plans into action, the wheels might come off.

More retirement videos, news and reports.

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