What is Cofunds pension Account?

What is Cofunds pension Account?

The Cofunds Pension Account is a pension plan that lets you access a wide range of investment funds within a tax-efficient pension wrapper. The Cofunds Pension Account for self- directed investors is available through your intermediary.

Is the Cofunds pension account a SIPP?

The Cofunds Pension Account is suitable for clients who may not need a full self-invested personal pension (SIPP), but want to hold a wide range of uninsured collective investments in a cost-efficient product.

Is Suffolk Life part of Aegon?

Suffolk Life is authorised and regulated by the Financial Conduct Authority (FCA) under FCA registration number 116298. All assets held in the Cofunds Pension Account are legally owned by Suffolk Life Trustees Limited and are held on the Aegon Platform provided by Cofunds Limited (Cofunds).

What is a drawdown lifestyle pension?

Flexible retirement income is often referred to as pension drawdown, or flexi-access drawdown and is a way of taking money out of your pension pot to live on in retirement. It can give you more flexibility over how and when you receive your pension. You can take up to 25% of the pot as a tax-free lump sum.

What is Aegon SIPP pension?

For financial advisers only. Many people now opt for a more gradual transition from working life into retirement. Our ARC SIPP offers the flexibility to support a phased approach, allowing a seamless transition from saving to taking an income all in one place.

How do SIPP pensions work?

A self-invested personal pension (SIPP) is a pension ‘wrapper’ that allows you to save, invest and build up a pot of money for when you retire. It is a type of personal pension and works in a similar way to a standard personal pension.

Is pension drawdown better than an annuity?

Pension drawdown is widely considered to be more flexible than an annuity, but it can carry greater risk. However, if your fund isn’t managed carefully your money could run out in early retirement. Annuity. An annuity provides certainty in retirement, but lacks the flexibility drawdown can provide.

Is Aegon a SIPP?

Aegon Investment Solutions provides the General Investment Account (GIA) and the Individual Savings Account (ISA). Scottish Equitable plc provides the Aegon Self Invested Personal Pension (SIPP) within the Aegon Retirement Choices service.

What is the difference between a SIPP and drawdown?

Pension drawdown allows you to leave your retirement savings invested in your SIPP whilst, at the same time, giving you access to a regular income and a tax-free lump sum. Pension drawdown is also referred to as income drawdown.

When can you withdraw from SIPP?

age 55
When you reach age 55 (57 from 2028), you’re free to start withdrawing money from your SIPP, even if you’re still working. You can usually take up to 25% of your pot tax free. The rest of your withdrawals will be taxed as your income.