Everyone is unique in terms of their plans for retirement and the amount of money they will need. How you utilise your pension fund plays a huge role in how you will achieve your goals once you reach retirement.
In April 2015 the Government announced the new pension freedoms which beckoned in a number of new retirement options which allowed a greater degree of flexibility in accessing your pension funds.
Before making your decision you should research the various options and weigh up the advantages and disadvantages of each. You should also consider seeking out financial advice if your unsure so you can ensure you have the best retirement possible.
If you think that a stable, regular source of income is a route you’d like to go down we can help you set up a –
- Standard Annuity – provides a standard source of income for the remainder of your life
- Enhanced Annuity – health and lifestyle issues could mean you qualify for an increase of income
Bear in mind there are numerous alternatives you should research before deciding anything
- Pension Drawdown – With a drawdown you invest your pension pot and draw money from it as and when you need it
- Investment-linked annuity – Another type of annuity that is based on how the investment performs
- Cashing in your pot – Cash your pension pot in and spend it however you wish
- Fixed term annuity – A type of annuity that lasts for a set period regardless what happens to you