Retirement planning is no longer simply a question of choosing a date, taking a pension and receiving a fixed income. Pension freedoms give many people considerably more choice over when and how they use their defined contribution pension savings. That flexibility can be valuable, but it also places more responsibility on you to make the right decisions.
When you reach the point of accessing a defined contribution pension, you generally have several options. You may be able to take a tax-free lump sum, move some or all of your pension into flexi-access drawdown, take one or more uncrystallised funds pension lump sums (UFPLS), purchase an annuity or combine different approaches.
