Sunday, May 25, 2025
  • About
  • Write for us
  • Contact
Today News
  • Business
  • Tech
    How to Buy a Second-Hand Tablet in the UK Without Getting Ripped Off

    How to Buy a Second-Hand Tablet in the UK Without Getting Ripped Off

    8 Best Spy Apps to Install Remotely on Android & iPhone

    8 Best Spy Apps to Install Remotely on Android & iPhone

    Ai

    AI Ad Generator vs Human Designers: What Works Better?

    Chatbots Are Out, AI Agents Are In: Meet Retail’s New Crown Jewel

    Chatbots Are Out, AI Agents Are In: Meet Retail’s New Crown Jewel

    Understanding BASE: Coinbase’s Vision For Blockchain Innovation

    Understanding BASE: Coinbase’s Vision For Blockchain Innovation

    Creating genuine profiles for safer online interactions

    Creating genuine profiles for safer online interactions

    Exploring Machine Learning Applications in Fintech

    Exploring Machine Learning Applications in Fintech

    How Tailored Mobile Solutions Can Address Security Concerns in Telecommunications

    How Tailored Mobile Solutions Can Address Security Concerns in Telecommunications

    Race Against the Ban: China’s $12B Nvidia Shopping Spree

    Race Against the Ban: China’s $12B Nvidia Shopping Spree

  • Consumer
    Craving Connection: Why Food Gifting Is the New Love Language

    Craving Connection: Why Food Gifting Is the New Love Language

    How to Celebrate Milestones from Afar: The Rise of Digital Gifting in the UK

    How to Celebrate Milestones from Afar: The Rise of Digital Gifting in the UK

    How to adjust glasses at home – a step-by-step guide!

    How to adjust glasses at home – a step-by-step guide!

    Why quality toilet cubicle hardware matters

    Why quality toilet cubicle hardware matters

    Common Mistakes in KYC Identity Verification

    Common Mistakes in KYC Identity Verification

    Consumer habits

    British Furniture Market Sees Significant Changes in Consumer Preferences

    Why are high-street bookmakers declining in the UK?

    Why are high-street bookmakers declining in the UK?

    Straps for smartwatches: The Complete guide

    Straps for smartwatches: The Complete guide

    High street retailers are at a “crossroads”, says retail tycoon

    High street retailers are at a “crossroads”, says retail tycoon

  • Finance
    How Crypto is Enabling Micropayments for Content

    How Crypto is Enabling Micropayments for Content

    Fan Tokens: When Finance Meets the Passion for Football

    Fan Tokens: When Finance Meets the Passion for Football

    The Hidden Costs of Convenience: Why Subscription Overspending Is the New Budget Killer

    The Hidden Costs of Convenience: Why Subscription Overspending Is the New Budget Killer

    10 Best UK Trading Platforms in 2025

    10 Best UK Trading Platforms in 2025

    Crypto Trading

    Proprietary Crypto Trading and How It Works

    Should You Get an MBA or Learn on the Job? A Guide for Entrepreneurs

    Should You Get an MBA or Learn on the Job? A Guide for Entrepreneurs

    Top Metrics to Track When Using Forex Signals: 5 Key Indicators for Better Trading Outcomes

    Top Metrics to Track When Using Forex Signals: 5 Key Indicators for Better Trading Outcomes

    Are Microtransactions Still as Contentious as They Once Were?

    Are Microtransactions Still as Contentious as They Once Were?

    The Impact of Fintech on Traditional Banking

    The Impact of Fintech on Traditional Banking

  • Environment
    Moving Abroad? Here’s What to Expect – and Why Cardboard and Plastic Waste Removal Is Essential After Unpacking

    Moving Abroad? Here’s What to Expect – and Why Cardboard and Plastic Waste Removal Is Essential After Unpacking

    How Weather Events Like Heavy Rain or Heatwaves Affect Pest Activity

    How Weather Events Like Heavy Rain or Heatwaves Affect Pest Activity

    Building a Carbon-Competitive Advantage with Sustainability and Decarbonization Consulting

    Building a Carbon-Competitive Advantage with Sustainability and Decarbonization Consulting

    The Lost Art of Orienteering: Why Map and Compass Skills Still Matter

    The Lost Art of Orienteering: Why Map and Compass Skills Still Matter

    Sustainability in Dining: Reducing Waste for a More Profitable Future

    Sustainability in Dining: Reducing Waste for a More Profitable Future

    Environmental Benefits

    What Are The Environmental Benefits Of Choosing Eco-friendly Rubbish Removal In Croydon?

    Why You Should Hire Waste collectors for efficient waste removal

    Why You Should Hire Waste collectors for efficient waste removal

    Choosing the Right Floating Dock Platform for Your Aquaculture Cages

    Choosing the Right Floating Dock Platform for Your Aquaculture Cages

    How to Use UV Light in Your HVAC System for Cleaner Air

    How to Use UV Light in Your HVAC System for Cleaner Air

  • Property
    Real Estate

    Secrets to Building Wealth through Real Estate Investing

    Real Estate

    Precision Matters: Why a Specialist Real Estate Makes All the Difference

    Guide to purchasing property in Marbella

    Guide to purchasing property in Marbella

    Can Parquet Flooring Work in Modern Homes: A Versatile Choice or Just for Period Properties?

    Can Parquet Flooring Work in Modern Homes: A Versatile Choice or Just for Period Properties?

    7 Key Benefits of Asset Tracking for Property Owners

    7 Key Benefits of Asset Tracking for Property Owners

    company event image

    Luxury vs. Budget: Wedding Venues in the City of London for Every Couple

    Home

    How to Sell Your Chelsea Home for the Best Price

    How Smart Homes Are Changing the Way We Live

    How Smart Homes Are Changing the Way We Live

    Is Your New Home In A Nice Area?

    Is Your New Home In A Nice Area?

  • eCommerce
    Blink-and-Buy: Designing Checkouts That Convert in Under 10 Seconds

    Blink-and-Buy: Designing Checkouts That Convert in Under 10 Seconds

    High Stakes Strategies: Lessons E-commerce Entrepreneurs Can Learn from Casinos

    High Stakes Strategies: Lessons E-commerce Entrepreneurs Can Learn from Casinos

    Amazon Expert

    Amazon Expert: Key Qualifications to Look For

    Boosting Ecommerce Revenue with Smart Targeting Strategies

    Boosting Ecommerce Revenue with Smart Targeting Strategies

    Personalized Shopping: How Technology is Transforming Retail

    Personalized Shopping: How Technology is Transforming Retail

    How Can Ecommerce Businesses Learn From Entertainment Platforms?

    How Can Ecommerce Businesses Learn From Entertainment Platforms?

    Magento Web Development Company: Unlocking the Power of E-Commerce

    Magento Web Development Company: Unlocking the Power of E-Commerce

    eCommerce in 2025: What’s Changing and Why It Matters

    eCommerce in 2025: What’s Changing and Why It Matters

    E-Commerce

    Why Real-Time Transaction Monitoring is a Game-Changer for E-Commerce

No Result
View All Result
Today News
Home Finance

Your pension income options for 2024

David Prior by David Prior
November 21, 2023
Reading Time: 3 mins read
Your pension income options for 2024
452
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

If you’ve contributed to one or more defined contribution (DC) pension schemes, what choices do you have for accessing your pension savings?

Once you reach the age of 55 (changing to age 57 on 6 April 2028), a variety of options become available. While pensions can be intricate, we’ve distilled your main choices into a straightforward summary.

Related posts

How Crypto is Enabling Micropayments for Content

How Crypto is Enabling Micropayments for Content

May 22, 2025
447
Fan Tokens: When Finance Meets the Passion for Football

Fan Tokens: When Finance Meets the Passion for Football

May 20, 2025
447

Please note: this article is for information only and is not a substitute for professional advice or guidance.

Your income options

First, you could choose to leave your pension savings where they are. If you’re not ready to start drawing income from your pension savings, you can opt to keep your money in its current pension scheme/s. If you choose this option, your money will stay invested, so it will be subject to fluctuations based on investment performance.

You also have the option of taking lump sums from your pension savings. You typically have the option to withdraw up to 25% of your pension savings as an initial tax-free lump sum. After doing so, you can leave the remainder invested and take additional lump sums later on – but these will be taxable.

You can also decide to cash in your pension savings. There is nothing stopping you from simply taking all of your pension savings at any point after reaching age 55. The first 25% will be tax-free, but you’d pay tax on the remaining 75%. If this does sound of interest, bear in mind that you risk pushing your income for the year into a higher tax bracket.

If a guaranteed income is important to you, you can use your pension savings to buy an annuity. An annuity gives you guaranteed income for a fixed term of your choosing or for the rest of your life. You’ll know exactly how much income you’ll get, and it won’t be affected by ups and downs of investments.

For more flexibility and the chance to benefit from investment growth, flexi-access drawdown may suit you better. However, with drawdown the value of your invested savings is subject to market fluctuations, and there’s no guaranteed income.

Finally, you can customise your retirement income by blending various options. As an example, you may buy an annuity to cover your essential living expenses, but place some of your pension savings into drawdown for flexible ad-hoc withdrawals.

Important points to remember

Making a choice about what to do with your pension savings shouldn’t be rushed. Please make sure that you fully understand your options – and that you factor in everything that’s relevant to your choice. 

In particular, the tax implications of each option should be understood. Make sure you also think about your attitude to risk: for example, is a guaranteed income important or are you willing to take some investment risk?

You may also want to look at the above defined contribution pension options at the same time as establishing how much income you’ll get from other sources. These could include any defined benefit pension schemes you are enrolled in, the State Pensions, savings, investments and so on. Your property wealth may also come into play as a way to raise money, for example through downsizing or equity release. 

Where to get more helpYou can get professional pensions advice when deciding what to do with your pension savings. There is also a free guidance service available for anyone over 50 from Pension Wise, the government-backed service that’s provided by MoneyHelper.

David Prior

David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.

Previous Post

Best Gloves in CSGO: Enhance Your Gaming Experience

Next Post

Breaking Down Myths and Truths About Popular Health Tips You’ve Always Wondered About

Related Posts

How Crypto is Enabling Micropayments for Content
Finance

How Crypto is Enabling Micropayments for Content

May 22, 2025
447
Fan Tokens: When Finance Meets the Passion for Football
Finance

Fan Tokens: When Finance Meets the Passion for Football

May 20, 2025
447
The Hidden Costs of Convenience: Why Subscription Overspending Is the New Budget Killer
Finance

The Hidden Costs of Convenience: Why Subscription Overspending Is the New Budget Killer

May 20, 2025
372
10 Best UK Trading Platforms in 2025
Finance

10 Best UK Trading Platforms in 2025

May 20, 2025
275
Crypto Trading
Finance

Proprietary Crypto Trading and How It Works

May 19, 2025
25
Should You Get an MBA or Learn on the Job? A Guide for Entrepreneurs
Business

Should You Get an MBA or Learn on the Job? A Guide for Entrepreneurs

May 13, 2025
310
Next Post
Breaking Down Myths and Truths About Popular Health Tips You’ve Always Wondered About

Breaking Down Myths and Truths About Popular Health Tips You've Always Wondered About

RECOMMENDED NEWS

The Essentials of Cryptocurrency Investment: Shaping the Future of Money

The Essentials of Cryptocurrency Investment: Shaping the Future of Money

1 year ago
566
The Future of VR Casinos – Hype or Reality?

The Future of VR Casinos – Hype or Reality?

1 month ago
496
Everything You Need to Know About How to Invest in Bitcoin

Everything You Need to Know About How to Invest in Bitcoin

2 years ago
574
Dismantling Ethereum Misconceptions: Distinguishing Reality from Illusion

Dismantling Ethereum Misconceptions: Distinguishing Reality from Illusion

1 year ago
521

BROWSE BY CATEGORIES

  • Business
  • Careers
  • Charity
  • Consumer
  • Culture
  • eCommerce
  • Education
  • Energy
  • Engineering
  • Entertainment
  • Entrepreneurs
  • Environment
  • Fashion
  • Finance
  • Food & Drink
  • Gaming
  • Gardening
  • Health
  • Insurance
  • Interiors
  • Legal
  • Leisure
  • Lifestyle
  • Manufacturing
  • Marketing
  • National
  • News
  • Opinion
  • Pets
  • Politics
  • Property
  • Sales
  • Sport
  • Sports
  • Tech
  • Transport
  • Travel
  • Uncategorized

BROWSE BY TOPICS

AI banking Beauty business Christmas construction cyber security data Die Cut Sticker digital Digital Marketing Services ecommerce ETA-IL Scheme finance fitness health Home Extension inflation Instagram Story insurance kitchen KYND lifestyle manchester Mercedes Key Replacement Services music News overseas Personal Injury Pharmaceutical Industry Powerful Manufacturing Professional Drivers property Real Estate recruitment Skincare Solicitor sports technology tourism travel UGC Creator UK vehicles yorkshire

Latest news

Tea Time Reimagined: The Rise of CBD Flower Infusions

Tea Time Reimagined: The Rise of CBD Flower Infusions

May 23, 2025
Tasting Notes and Pairing Tips: How to Enjoy Conic Hill Whisky at Its Best

Tasting Notes and Pairing Tips: How to Enjoy Conic Hill Whisky at Its Best

May 23, 2025
Embracing Trends in Fashion and Photography

Embracing Trends in Fashion and Photography

May 23, 2025
How AI transforms the future of business card design

How AI transforms the future of business card design

May 23, 2025
The Ultimate Guide to Newark Airport Long Term Parking: Save Money, Time and Stress

The Ultimate Guide to Newark Airport Long Term Parking: Save Money, Time and Stress

May 23, 2025
The 5-Step Guide To A Stress-Free House Move In London 

The 5-Step Guide To A Stress-Free House Move In London 

May 23, 2025
The Subtle Ways Your Teeth Tell You Something Is Wrong

The Subtle Ways Your Teeth Tell You Something Is Wrong

May 23, 2025
What Happens When Important Papers Go Missing and You Need Them Fast

What Happens When Important Papers Go Missing and You Need Them Fast

May 23, 2025
Refurbished Google Pixel Phones

Why More UK Buyers Are Switching to Refurbished Google Pixel Phones — And You Should Too

May 23, 2025
BIORESTORE

Keep Your Outdoor Gear Dry with BIORESTORE Water Seal

May 22, 2025

Today News

  • About
  • Write for us
  • Contact
  • Privacy Policy

@2024 Rooftree Publishing Ltd

Today News in association with Kajino.com

Sign up for our newsletter




  • Business
  • Tech
  • Consumer
  • Finance
  • Environment
  • Property
  • eCommerce

Recent News

Tea Time Reimagined: The Rise of CBD Flower Infusions

Tea Time Reimagined: The Rise of CBD Flower Infusions

May 23, 2025
Tasting Notes and Pairing Tips: How to Enjoy Conic Hill Whisky at Its Best

Tasting Notes and Pairing Tips: How to Enjoy Conic Hill Whisky at Its Best

May 23, 2025
No Result
View All Result
  • Home
  • Business
  • Tech
  • Consumer
  • Finance
  • Environment
  • Property
  • eCommerce
  • Write for us
  • About
  • Contact