How you take your income is up to you

As your chosen retirement date draws near, your pension provider will make contact. They will usually offer you a quick and easy way to convert your pension into an annuity, usually with the provider’s own annuity. With so much competition on the annuity market, it may not be the best rate available.

The open market option was created to give pension savers more choice. Your pension provider will explain this to you. Even if you’ve saved with them for forty years, you should not feel any loyalty to them. Remember, you have the right to use any annuity provider, so pick one that’s best for you. We can help you shop around for the best rate, based upon your individual circumstances and income requirements.

You may even qualify for an increased income due to a number of personal factors, which include smoking, ill health, lifestyle, previous employment and, sometimes, even where you live. Although a basic annuity, in one form or other, will be suitable for most people, there are alternative options available, such as:

• Investment Linked Annuities
• Short Term Annuities
• Pension Fund Withdrawal (sometimes referred to as Income Withdrawal)
• Phased Retirement Planning

Before making any decision regarding your pensions we would strongly urge you to read the pension guides provided free by the Financial Service Authority. For more information regarding your basic annuity options please click here.

For information regarding alternative retirement options please click here.

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To discuss the many implications of the different options available to you, or just to ensure that you have peace of mind before making your final decision, please feel free to contact us.