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 Consultant will help you throughout the process.