Retirement, for the majority, is primarily financed by a pension. Hence, it’s paramount to establish a solid strategy that empowers you to cultivate and safeguard your pension, both presently and in the future. With its continuously evolving rules and regulations, the pension system can often seem like a labyrinth, deterring many from employing it as a savings tool.
Deciding how to utilise your pension pot doesn’t have a singular ‘correct’ approach. Typically, you can commence withdrawals from your Defined Contribution pension when you reach 55 – a detail best verified with your pension provider. In specific situations, such as retirement due to ill health, your pension might be accessible earlier.