Yes, drawing part of your TFC is just known as Phased Drawdown, you can even do this on a monthly basis if you choose so part (25%) of the income payment is tax free, the remainder taxed at your marginal rate.
The scenario question by Vlad would be whatever your client agreement states. You may get more than one face to face meeting but retirement income scenarios is likely to be covered by an additional fee. This work would best be done simply via cash flow modelling, so make sure your IFA offers this service.
By taking TFC at 55 you are reducing the tax free sum you are ultimately going to get, its growing in a very tax advantageous environment (including IHT) so leave it till you actually need it.
Seriously, don’t buy alloy rims £750 is solid carbon money. Have a look at Wheelsmith or DCR for hand builds. I’ve been building Light Bicycle rims for personal use and friends for 10 years+ and their stuff is absolutely faultless; they also now do full builds with spokes/hubs of your choice if needed.
I used to suffer badly to the point of regular agonising awakenings after big road or turbo efforts. Saltstick caps or fastchews stopped them dead, where quinine has failed in the past.
The pension tax matter is misunderstood and sensationalized by the press. Whilst the charges can appear large, there is the ability to be paid via the scheme in exchange for a relatively small reduction in benefits. Cutting hours to avoid the charge is nonsensical in financial terms.
TJ you do realise that the guaranteed and index linked pension you get is worth significantly more than the contributions you paid in (even with high levels of growth)?….. thought not.
Whilst the LGPS is a funded scheme it’s more of an exception with most public sector schemes like NHS, Fire, Police and Civil Service being unfunded and paid through tax like the State Pension.
