In this guide
If you have an account-based pension, the new financial year presents an opportunity to review your payments, as a new minimum withdrawal will be calculated.
It’s a time to think about whether you’re happy with your current income or would prefer to withdraw a larger amount and enjoy a more comfortable lifestyle.
Alternatively, perhaps you’re concerned about whether your current payments will exhaust your savings too quickly. If you’ve been withdrawing more than the minimum amount, you might consider reducing it.
You may also find you must increase your payments to comply with minimum withdrawal requirements. Perhaps you have had a milestone birthday that triggers an increase in your minimum pension payments, and the removal of the government’s temporary halving of the usual minimum will also have an impact.
Learn more about minimum withdrawals.
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