Retirement income options
Expert, professional advice on accessing your pension fund the best way for you
You’ve spent 30 to 40 years saving into a pension, and now that you’re approaching your retirement, you need to turn it into an income that might need to last for the next two decades or even longer. So, where do you start?
The income and investment choices you now have can be bewildering, and poor decisions in the early days can have catastrophic consequences later on.
When you reach retirement, the way you convert your pension savings into a regular income depends on the type of pension you have and how much you have saved. Regardless of the size of your pension pot, there has been greater flexibility introduced for everyone since April 2015. These days, you have many more options available at retirement – an annuity or enhanced annuity, flexi-access drawdown, uncrystallised funds pension lump sums and more.
The perfect retirement plan will be different for everyone. It depends on various factors including how much you have in savings and other assets, your health, your income needs, your attitude towards investment planning and whether you want to pass wealth on to your family.
Which options are best for you?
Obviously, everyone’s pension funds, future plans and financial requirements are different. The best option for you will depend on your unique personal circumstances. There certainly isn’t one solution which will suit everyone.
As with all financial planning matters, you need to bear in mind your wider financial picture before making any big decision about your pension. We are committed to helping you make the right financial decision every time, and when it comes to your pension fund the wrong choice can be extremely costly for you and your family.