Oh dear! This is a difficult one!

You’ve worked for decades to build up a sizeable pension, so does it really make sense to blow some of it on yourself?

Well, you might be surprised to know just how many people use some of their tax free lump sum to spend on something they always wanted, but could never previously afford.

             -            a luxury holiday;
            -            a dream car;
            -            a coveted special antique;
            -            a holiday home;
            -            a nicer home, in retirement;
            -            setting up a small business as a hobby in retirement

There are almost no restrictions on how you use the tax free lump sum.

You don’t need to take all of the maximum lump sum at the same time. If, say, your maximum allowable lump sum is £50,000 but you only wanted or needed £20,000 immediately can defer taking the remaining £30,000 until a later date: as late, in fact, as your 75th birthday.

You may start to take a regular pension when you take a lump sum, but you don’t have to do so; you can take as little as you want (even nothing at all) from year to year or you can buy a guaranteed annuity.

In short, it is possible to build in to a pension arrangement a great deal of flexibility, and use this flexibility to meet your personal financial desires and requirements (depending, of course, on the size of the fund!). How is this possible?