Retirement Planning


At Retirement

We can advise on all types of pensions, planning for your retirement and the options you have when taking your pension. These options have changed over recent years and it is even more important that the choices you make are well informed.

Generally, the options you have when thinking about retiring are:

  • Uncrystallised funds Pension lump sum (UFPLS)
  • Provider annuity
  • Flexible annuity
  • Open market Annuity
  • Flexible Drawdown

Annuity – take an income

You can buy a regular retirement income, usually for life (called an annuity) with your pension savings when you retire. This can often be from the provider you hold your pension with although by shopping around you can often get a greater income for the same pension fund. This is known as the open market option.

Some flexible annuities are also available that will allow you to choose your income each year (within certain limits). This might be good if you want a guaranteed income but with some flexibility.

An annuity pays you a guaranteed amount monthly, quarterly, half-yearly or yearly. Once you have bought an annuity though, your money is tied up for a set amount of time, often for the rest of your life.

There are different types of annuity available. For example, annuity payments that increase in line with inflation or at a set level over time; annuities that pay an income to a loved one after your death and annuities that pay out for a set number of years, even if you die during that time. Please note however that by buying an annuity you no longer have any access to the pension fund.

Take a variable income – Drawdown

This option allows you to take a variable income directly from your pension pot and leave the rest of it invested.

Up to 25% of your pension pot can be taken as a tax-free lump sum. You can take any income or lump sums as you like. You pay tax on the income you receive at your marginal tax rate.

Your pension pot remains invested so the amount of income available to you may rise or fall depending on how the funds your pension savings are invested in perform. Taking lump sums and income directly from your pension pot will reduce the amount you have available in the future. For this reason you should keep the funds your pension savings are invested in under close review so you can make sure they meet your needs for the future.

UFPLS: Cash in one or a series of lump sums

You can cash in your pension or take a series of lump sums. This is known as an uncrystallised funds pension lump sum.
You can still take up to 25% of your savings tax-free and the remainder will be added to your income for the relevant tax year and then taxed at your highest income tax rate.



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At Portal Financial Planning we believe in:


Independence in all its forms. Independence of thought, independence from product providers when recommending a product to a client, independence of the individual so that they are not manipulated or controlled by others. Also, striving to help others become financially independent, which in tomorrow’s increasingly economically driven world will be the only real guarantee of creating and retaining an independent lifestyle.

Wealth creation

creating and conserving wealth for our clients is one of our primary aims. This goes hand in hand with financial independence.


this extends not only to our clients and employees, but also in the transparent way we deal with others.


we design and operate systems that are simple in their concept and delivery. Financial planning should be a good experience, which is easy to understand by the consumer, not a confusing and jargon-filled nightmare. This means using the right method to deliver financial planning, which we believe for the vast majority of people is via face to face impartial and independent advice.


using it to its maximum advantage, utilising the latest cutting edge software and processes to develop the best solutions for clients needs.

We strongly believe that we can offer the right service for you or your company, offering a wide range of different, yet effective solutions:

An ethical way of dealing with our clients
A truly unique advisory process
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Using the web to its full potential, all of our clients get an individual online view of their financial affairs, instant valuations on policies and a chance to communicate with their own secure message service. However we believe that websites can’t advise people on their financial futures, nor should they. When dealing with people’s finances a personal touch is necessary, giving the chance to both identify and evaluate your own personal needs.

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