Increasing flexibility

Maximising the return from the funds available to you in retirement is essential. The proficiency of the masses to accumulate further meaningful wealth once they have finished work is limited, and even once hoped for family inheritance is dwindling due to the rising costs of providing long term care. On retirement a one off opportunity exists to select a pension commencement lump sum (more widely known as a tax free lump sum). If the PCLS option is not selected then the entire income (the pension) will be taxed under PAYE at the individual's highest marginal rate (currently, 10%, 22% or 4...