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Annuity

Pension Transfer (min. fund £30k)

Pension Drawdown (min. fund £30k)

Annuity, Pension Drawdown or Pension Transfer?

It is vitally important that you make the correct decision for you when considering your retirement options as this will affect your income for the rest of your life. There are several options open to you. If you are considering an Annuity you do not have to buy the Annuity from your current Pension Povider. This is called the Open Market Option and by shopping around you could increase your retirement income significantly.


Alternatively if you have a larger pension fund (perhaps £75k+) you may wish to consider Pension Drawdown. This offers more flexibilty and you can 'draw down' funds as & when you need them rather than the regular income you would receive from an Annuity.


Finally, Pension Transfer may be an option worth considering. You may not necessarily be of retirement age yet, but moving your Pension Fund to another provider that may offer you better benefits & ultimately increased retirement income.


Always seek independent advice when considering your retirement options. Complete our 1 minute form to speak to an FCA regulated advisor today. FREE no obligation advice & quotes.

 

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Annuity

An Annuity is like and insurance policy in reverse. You give a lump sum (your pension fund) to the provider in exchange for a regular income for the rest of your life. The income can be received monthly or annually. Furthermore, you can take a 25% tax free lump sum from your pension fund.


If you are on medication or have any health issues you will, in all likelihood, be offered a higher level of income by your annuity provider. So it is important you are open about any medical conditions or your lifestyle (do you smoke or take part in a dangerous sport for instance?).


If you are married or in a civil partnership you may wish to consider a spouse's (partner's) benefits in the event of your passing before they do. Do you want a level income for the rest of your life (which will decrease in real terms due to the effects of inflation) or an escalating income that keeps up with inflation?


There are many considerations for you so it is important you seek independent advice before making a decision that will affect your income for the rest of your life!


Pension Drawdown

If you decide on Pension Drawdown you’re in control of how much income you take and when. You might decide you don’t need an income straight away, or even at all. You might just want to take your tax-free cash. If you do want an income, you can choose to take regular withdrawals or just dip into the pot as and when you need to - it’s up to you. Like all other pension income, it will be taxable and added to any other income you receive that same tax year. Be particularly aware of this if you’re planning on large withdrawals – don’t become a higher-rate tax payer by mistake.


Pension Transfer

You may want to move some or all of your pension fund (sometimes called a ‘pension pot’) if:

  • you’re changing job
  • your pension scheme is being closed or wound up
  • you want to transfer to a better pension scheme
  • you have pensions from more than one employer and want to bring them together
  • you’re moving overseas and want to move your pension to a scheme in that country

You don't have to be of retirement age to transfer your pension.


Always seek independent advice when considering your retirement options. Complete our 1 minute form to speak to an FCA regulated advisor today. FREE no obligation advice & quotes.