Back in April 1998 – I was a bit younger! Weren’t we all? Apart from that, I set up (so I’m told) the UK’s first ever ‘pension drawdown’ plan via insurer Skandia Life. This is where, instead of buying a guaranteed income for life (annuity) with your pension fund, you withdraw (drawdown) the funds direct from your pension pot(s).
Newer pension ‘drawdown’ since April 2015 is now called flexi-access drawdown. That method of delivering retirement income may (or may not) be a good idea – depending on your attitude to risk, overall income needs and other criteria. Continue reading