You may be aware that there have been a number of changes over the last year to the way in which you will be able to take your pension benefits.
Please read this guide carefully as you consider the options now available to you.
The options described below generally apply to defined contribution (money purchase) pension pots such as personal pensions, group personal pensions, self-invested personal pensions (SIPPs), and stakeholder pensions.
These options are not normally available to final salary pension schemes (unless transferred first to a defined contribution pension – which, for most people, is unlikely to be advantageous).
The choices you can make are:
- Take some or all of your pension pot as a lump sum
- Convert your pension pot into an annuity
- Use drawdown pension, phased retirement or other retirement income products
How can we help?
If you would like advice on any existing pension arrangement, or you would like to discuss your retirement options in more detail, please give us a call on 01423 223 640 or complete the online enquiry form and we will give you a call to discuss your requirements.