{"id":15667,"date":"2018-09-12T10:28:08","date_gmt":"2018-09-12T10:28:08","guid":{"rendered":"http:\/\/suttonmcgrathhartley.3be.co.uk\/?page_id=15667"},"modified":"2024-04-25T16:50:35","modified_gmt":"2024-04-25T15:50:35","slug":"drawing-pension-income","status":"publish","type":"page","link":"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/retirement-solutions\/drawing-pension-income\/","title":{"rendered":"Living in Retirement"},"content":{"rendered":"<h3>What you need to know if you are at retirement age or thinking about retirement<\/h3>\n<p>In April 2015, wide ranging changes to pension legislation were introduced which revolutionised how individuals can access their pensions savings.<\/p>\n<p>If you are nearing retirement, it is important you take these changes into account.<\/p>\n<p>These changes can be summarised as follows:<\/p>\n<ul>\n<li>Individuals are able to access the whole of the pension savings from age 55 (age 57 from 2028), either in one lump sum or over a period of time.<\/li>\n<li>25% can be taken tax free with the remaining amount subject to tax at the individual\u2019s marginal rate.<\/li>\n<li>The full value of the fund can be passed to nominated beneficiaries on death in most cases free of all taxes prior to age 75 and subject to tax at the recipient\u2019s marginal rate after 75.<\/li>\n<\/ul>\n<p>SMH Financial Services feel that the freedom afforded by the changes is very positive as it will encourage more people to actively think about their money in retirement and consider the choices that are available to them.<\/p>\n<p>Guaranteed income solutions such as annuities, particularly\u00a0enhanced annuities\u00a0continue to be a good solution for those who want the certainty of a secure level of income for life that they won\u2019t outlive. Because of this, they will continue to be the cornerstone of many people\u2019s retirement income.<\/p>\n<h3>Small Pension pots<\/h3>\n<p>Additional flexibility has been introduced for people with smaller pension pots allowing them to be taken as a lump sum.<\/p>\n<p>Under these rules, if your pension pots across all your arrangements total \u00a330,000 or less, you can take the whole of it as a lump sum from age 55. Pots of up to \u00a310,000 each can also be taken as a lump sum (up to three such pots).<\/p>\n<p>If you would like to arrange an initial meeting with one of our financial advisers to discuss pension plans, please contact the<a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/#demo\"><strong>\u00a0SMH Financial Services team<\/strong><\/a>\u00a0on\u00a0<a href=\"mailto:info@smh.group\"><strong>info@smh.group<\/strong><\/a>\u00a0or\u00a0<strong><u>0114 266 4432<\/u><\/strong>.<\/p>\n<p><em><span style=\"font-weight: 400;\">A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available.<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What you need to know if you are at retirement age or thinking about retirement In April 2015, wide ranging changes to pension legislation were introduced which revolutionised how individuals can access their pensions savings. If you are nearing retirement, it is important you take these changes into account. These changes can be summarised as follows: Individuals are able to access the whole of the pension savings from age 55 (age 57 from 2028), either in one lump sum or over a period of time. 25% can be taken tax free with the remaining amount subject to tax at the individual\u2019s marginal rate. The full value of the fund can be passed to nominated beneficiaries on death in most cases free of all taxes prior to age 75 and subject to tax at the recipient\u2019s marginal rate after 75. SMH Financial Services feel that the freedom afforded by the changes is very positive as it will encourage more people to actively think about their money in retirement and consider the choices that are available to them. Guaranteed income solutions such as annuities, particularly\u00a0enhanced annuities\u00a0continue to be a good solution for those who want the certainty of a secure level of [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":17118,"parent":15663,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"templates\/template-services-subservice.php","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-15667","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Living in Retirement - SMH Group<\/title>\n<meta name=\"description\" content=\"What you need to know if you are at retirement age or thinking about retirement.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Living in Retirement - SMH Group\" \/>\n<meta property=\"og:description\" content=\"What you need to know if you are at retirement age or thinking about retirement.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/retirement-solutions\/drawing-pension-income\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-25T15:50:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/Pension-Planning-FI.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"585\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/retirement-solutions\/drawing-pension-income\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/retirement-solutions\/drawing-pension-income\/\",\"name\":\"Living in Retirement - SMH Group\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/retirement-solutions\/drawing-pension-income\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/retirement-solutions\/drawing-pension-income\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/Pension-Planning-FI.jpg\",\"datePublished\":\"2018-09-12T10:28:08+00:00\",\"dateModified\":\"2024-04-25T15:50:35+00:00\",\"description\":\"What you need to know if you are at retirement age or thinking about retirement.\",\"breadcrumb\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/retirement-solutions\/drawing-pension-income\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/retirement-solutions\/drawing-pension-income\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/retirement-solutions\/drawing-pension-income\/#primaryimage\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/Pension-Planning-FI.jpg\",\"contentUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/Pension-Planning-FI.jpg\",\"width\":585,\"height\":250,\"caption\":\"Pension Planning\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/retirement-solutions\/drawing-pension-income\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/devstagesite.co.uk\/smhgroup\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial Services\",\"item\":\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Pensions &#038; 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