For many years investors who were saving for a retirement income, were dismayed to discover that when they reached retirement age they had to exchange their retirement fund for an annuity and their family had no access to the pension fund on their death.
This is no longer the case, when you wish to draw a pension from your fund you are no longer compelled to buy an annuity. You can now draw down an income from your fund for the rest of your life and your spouse or partner can continue the drawdown on your death. The fund remaining on your death is available to your family.
The rules surrounding drawdown are complex and Nicholls Stevens are able to help you to make the right decision about the type of pension whcish is most suited to your needs.
Although Drawdown pensions have great flexibility, it needs to be remembered that charges can be high and there is risk to both your capital and income