Phased Retirement Plan

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Phased Retirement Plan

The phased retirement plan consists of a segmented personal pension, of which you mature only a sufficient number of segments each year, or when required to provide you with extra income. The matured segments of the Phased Retirement Plan provide some tax-free cash, and you use the balance of the segments to purchase an annuity or income drawdown. Thus, the tax fee cash, coupled with the income from the annuity or income drawdown, provides you with your income. This exercise is then repeated as and when you require further income. The remainder of the income drawdown plan remains invested in the pension funds selected by you, until at the latest age 75.

Both income drawdown and the phased retirement plan offer significantly enhanced death benefits that can be written in trust, thereby protecting the interests of any dependants. They are not suitable for those who do not wish to take any kind of investment risk with their pension fund. Because of those risks and partly because of the charges associated with the phased retirement plan, clients should have at least £250,000 in their pension fund before considering this route, if this is going to be their sole source of income in retirement.

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