What is a Flexible Retirement Plan?

Flexible retirement plans are designed to help you build your retirement fund in a tax-efficient way.

15:34 20 February 2013

According to statistics, the average life expectancy of human beings these days is increasing. This means that it is more likely that you’ll spend more time in your golden years. For this reason, it’s important to start building your pensionas soon as possible so you can afford the kind of lifestyle that you want in retirement. 

Flexible retirement plans are a great option as they offer a range of solutions that compliment your needs and future demands. Through this, you’ll be given access to your personal pension. This means that you can decide where to put your money when you’re investing. 

 

There are several reasons why you should at least consider flexible retirement plans. One of the most important is tax relief. Subject to HMRC limits, the government pays extra tax relief for an amount you invest in your pension. Should you earn more than the basic rate of tax, you are entitled to claim additional tax relief. 

 

Other benefits include flexible payments, wide range of investments to choose from, income drawdown option, and you can decide on how to take your benefits.