- The value of Alan's pensions is close to the lifetime allowance limit
- He should consider stopping contributions of £375 a month into his Sipp
- It is a good idea to reduce risk and volatility, at least for a proportion of investments, when drawing an income
Defined benefit pension, Sipp and Isa invested in funds and shares, cash, residential property.
Retirement income of £4,000 per month, pay off mortgage, avoid breaching pensions lifetime allowance.
Alan is age 56 and has recently left employment with a voluntary severance package which should fund his living expenses until next April, and some home improvements. His partner is age 56 and earns £50,000 a year.