Congratulations!.........

......If you've got a Personal Pension, Stakeholder Pension, Additional Voluntary Contribution Scheme, Retirement Annuity Contract and are a few months away from your retirement date. Why? Well, you should have received, or shortly be receiving details from your Pension Provider of the good news about your options at retirement and how you can take your pension pot.

Your Options at retirement are generally:

1. Take up to 25% of your pension fund as a tax- free lump sum before age 75

2. You have to use the remaining fund to provide you with a taxable income
  with a number of options by age 75. For example:
  • a lifetime annuity – this is the option most people use;
  • an unsecured pension* using short term annuities or income withdrawal
  • "Third Way" Variable annuity

You may also be eligible for a bigger impaired life annuity. These pay a larger than normal income if you have a health problem, that potentially reduces your lifespan. You might also be able to get an enhanced annuity if you are overweight, or smoke regularly. In addition, some companies can offer higher rates to people who have worked in certain occupations or who live in certain areas of the country.

The main point here, is we research all your options and ensure you make an informed choice. Once you have made many of your pension retirement decisions, they are usually fixed for a retirement which is likely to last for 20 to 30 years - so you may need to get it right first time. Come and talk to us and we can help with this important decision.