Pensions have suffered a relatively poor press for a long time, and a key reason in recent years has been because of the supposed requirement to purchase an annuity. It is worth pointing out at this stage that this is a myth: the requirement was scrapped some years ago with the facility to use ‘drawdown’ throughout your retirement.

That was far from an ideal solution, though. Unless you were lucky enough to have already secured at least £20,000 in guaranteed income, there were strict limits on the amount you could draw out each year. Th...

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18 Aug 2014 | Practice Area