Pat is retired and drawing a regular income from his pension to supplement his State Pension.
Pat contacted Audley as he wanted to withdraw £5,000 from his pension in order to go on holiday. With Pat, we outlined and discussed the alternative methods of paying for the holiday, whilst explaining the tax implications of making a withdrawal. We also ran a number of cash flows to illustrate the impact on Pat’s retirement plans after making a withdrawal.
Following our discussions, we agreed to make a withdrawal from Pat’s ISA and leave his pension to continue to provide an income in retirement.