Options at Retirement
How to obtain the best possible pension income
Having reached retirement it is prudent to comprehensively evaluate your options, taking into consideration your present situation, your probable future circumstances, your tolerance to risk, all your sources of income, any dependents and your state of health and family history. This section deals with private / personal pensions and employer money purchase schemes.
A pension fund can provide an income in one of two ways:
If you are risk-averse, with no other source of income and depend on receiving a regular pension and want this guaranteed for the rest of your life then this is the most suitable option for you. The major disadvantage is the inflexibility. Once arranged it is irrevocable and immutable. Click here to find out more.
Here you can draw an income from your pension fund without buying an annuity, either through Income Withdrawal or Fixed Term Annuity.