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Agreed. It all depends on your household costs. We all have different utility and council tax costs. What people often overlook is adhoc costs such as replacing a car or general maintenance costs for their house.

You certainly can split a pension between drawdown and annuity purchase and this can hedge the ‘mortality risk’ ie the risk of living a long life and running out of money. More people have moved to this approach as annuity rates have increased, particularly over the past 12 months.

A sustainable income level of 4% had recently been discredited but who knows going forwards with the recent increases to interest rates and inflation. The most important thing is to keep the level of income being taken, under review. So if in the previous 12 months the fund goes down, reduce...

Just one caveat to the 'pension funds being outside of IHT' statement. That is that if you die within two years of a pension being transferred it may come into your estate for IHT purposes. The executor of your Will would need to document this on IHT form 409.

I'm packing in my full time role in 12 months so that I start the 2023/24 tax year for my pension income. I'm going to have two/ three months off and then look for a part time role but it won't be essential. I want to do something that I'll enjoy doing but for no more than three days a week...