Drawdown in retirement

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Drawdown in retirement

Client profile

Age: 65

Occupation: Administration manager

Requirement: With a clear vision for retirement, our client asked us to implement an ongoing plan to achieve it.

Our annual reviews ensure our client remains on track to enjoy retirement at the point when he needs to maximise his pension income.

Our client had been considering options for his pension fund when he was referred to Investment Choices. During our initial meeting we discovered that he and his wife were planning to continue contributing towards their retirement savings for another couple of years. We agreed to meet annually from then on.

Two years later our client, while impressed with the overall value of his pension fund, did not yet need to maximise his pension income. Consequently, we set up an arrangement whereby the client draws down a fixed sum each month. Our annual reviews ensure our client remains on track to enjoy retirement at the point when he needs to maximise his pension income.

The annual meetings allow us to review with our client if the withdrawals can be increased while keeping under review whether the amounts withdrawn each year are too high to sustain the desired level of income throughout retirement.

The fund remains invested for growth, although this will be limited due to the regular withdrawals and returns on investments. In periods of financial turmoil there could be declines in the value of the pension fund.

When our client dies any remaining pension funds can be passed onto his nominated beneficiaries. In this case the beneficiaries are his wife and then, should she die before him, his son.

This does not constitute advice and should not be relied on as a recommendation.
Before making any decisions we suggest you seek professional advice.

A pension is a long term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interests rates and tax legislation.

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