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7 traps for drawdown and tips to avoid them

7 traps for drawdown and tips to avoid them

Want to dip into your pension, but not sure if drawdown is the right option for you? Don’t worry. This easy to read factsheet can help you to better understand the potential pitfalls, as well as the steps you can take to avoid them.

This guide is not personal advice, but explains:

  • The traps that can cost thousands for unsuspecting drawdown investors
  • Tips for picking the best drawdown provider
  • How to avoid paying more tax on withdrawals than you need to

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    This guide isn’t personal advice. What you decide to do with your pension is an important decision. Pension and tax rules can change, and any benefits will depend on your circumstances. All investments can rise and fall in value, so choosing drawdown means your income and pension value aren’t guaranteed. You could get back less than you invest. We strongly recommend you understand all your options and check that the option you choose is right for your circumstances. Take personal advice or seek guidance if you’re unsure.

    The Government's free Pension Wise service can help. It provides impartial guidance face-to-face, online or by phone - more on Pension Wise. Our award winning advisory service offers one-off and ongoing financial advice which could help you to reach your goals.

    HL Verisign award

    A must-read for anyone thinking about drawdown

    Want to dip into your pension, but not sure if drawdown is the right option for you? Don’t worry. This easy to read factsheet can help you to better understand the potential pitfalls, as well as the steps you can take to avoid them.

    It will explain:

    • The traps that can cost thousands for unsuspecting drawdown investors
    • Tips for picking the best drawdown provider
    • How to avoid paying more tax on withdrawals than you need to

    This guide isn’t personal advice. What you decide to do with your pension is an important decision. Pension and tax rules can change, and any benefits will depend on your circumstances. All investments can rise and fall in value, so choosing drawdown means your income and pension value aren’t guaranteed. You could get back less than you invest. We strongly recommend you understand all your options and check that the option you choose is right for your circumstances. Take personal advice or seek guidance if you’re unsure.

    The Government's free Pension Wise service can help. It provides impartial guidance face-to-face, online or by phone - more on Pension Wise. Our award winning advisory service offers one-off and ongoing financial advice which could help you to reach your goals.

    HL SIPP awards