Most people have the option to withdraw a lump sum of up to 25% of their accumulated pension fund as a Pension Commencement Lump Sum (PCLS), formerly known as Tax Free Cash (TFC).
Points to consider
- Your client can use their PCLS for any purpose
- Once the annuitant has received their PCLS, they cannot change their mind
- Financial intermediaries often advise clients to use their PCLS to address other financial needs they may have in retirement
Useful Links
Dependant's pension options
Inflation protection options