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Withdraw flexible amounts from your pension annually.
Yes. The maximum amount you can withdraw is determined by your age, the value of your pension fund and pension legislation.
Withdrawals are typically made monthly or annually and paid directly into your bank account.
Income withdrawals from your Retirement Trust Scheme are assessable to income tax.
Yes. You can alter the amount that is withdrawn, within the maximum permitted limits. This can be suspended and recommenced as required.
On death after your retirement, if you have taken a tax-free cash lump sum and/or Annuity Equivalent Income, the balance of your pension fund can pass to your beneficiaries, net of income tax at half the standard rate.
Your surviving spouse also has the option to retain the Plan and continue to draw an income from the pension.