Wide choices
You have a wide range of choices when you
come to retire/draw money from your pension. The various options each have
their merits and features, and some of the choices will live with you for a
very long time, so it is vital to weigh them up carefully.
It is important to consider your choices
before you draw any money from your pension. This ensures that all your options
remain open. In some instances, your choices may also depend on the rules of
the scheme or schemes into which you saved.
You should ideally consider your options 4
to 6 months before you intend to take action. If nothing else, this means you
will be armed with all the right information to make informed choices. It
should also mean there is time for us to make all arrangements in advance of
any deadlines, e.g. pension income payments replacing regular salary.
This guide provides an introduction to the
three main alternatives to conventional annuities:
Each of these three categories includes a
range of options as well, and you can usually choose a combination of them, so
there really is a lot to consider – but, don’t worry, this guide provides an
introduction to all the key issues and your Annuity Bureau or Alexander Forbes Consultant
will help you throughout the process.