Research by specialist annuity provider Just Retirement has identified that three quarters of people who didn’t consider all their at retirement choices and options would do things differently if they had that choice to make again.
It is common knowledge that “shopping around” using the open market option is likely to produce better benefits (for which read “more retirement income”) than those offered by the pension plan provider with whom the plan value was accumulated.
With the new freedom and choices in pensions being introduced by the Government from next April it is vitally important that pension plan owners consider all of their choices and options.
The inertia option of taking the tax free cash and annuity offered by the current pension plan provider is simply not good enough.
Make sure that you do not regret not taking advice about this important decision.
All options need to be considered and these can be headlined as:
• Take the tax free cash lump sum;
• Use the balance to purchase an annuity (in the open market and reflecting your health and smoker status);
• Or consider income drawdown where the pension fund remains invested;
• Defer taking the income benefits, for example if you continue to work;
• Phase benefits in over a period of time.
We have produced a short webcast to help you consider these important decisions. You can watch this here.
In addition our booklet A Guide to the Retirement Choices & Options Maze is available free as a download or by post.
Get in touch to request a free copy.
