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retirement options |
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Traditionally, there used to be only one option when it came to investing the money you had saved for retirement. You had to use your entire pension fund (less any used to provide tax-free cash) to buy a pension.
Over recent years, thanks to a change in legislation, more modern and flexible alternatives have appeared which allow you to take control over your future.
If you are now approaching the time when you need to make an important
decision about your income in retirement, we have prepared this
section, which summarises the four main options and highlights the
associated risks.
The four main options available are:
- Buying an Annuity
- Phased Retirement
- Unsecured Pension (also known as Pension Drawdown)
- Combined Phased Retirement/Unsecured Pension
By considering each of these options in turn, we should be able to identify the most suitable choice for you and ensure that your retirement income will be tailored to meet your needs over the coming years. We will then provide a more detailed report specific to your circumstances.
When you reach age 75, you will have the following choices:
- Buy an annuity
- Alternatively Secured Pension
This information is concerned solely with the retirement options available to you before age 75. Therefore, it does not discuss Alternatively Secured Pension, as this is not available until age 75.
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