Your options

You will usually take your pension benefits at retirement. However, this is not always the case. Many people continue to work even though they are drawing their pension benefits.

The decisions you make when you take your pension are crucial. In many cases, these decisions cannot be undone. The options you have are numerous and it is important that consideration is given to the various types of retirement strategies.

Most people don’t recognise all of the issues that should be considered. We will explain to you the choices you have and give you all the advice you need at this important time. Many things will need to be considered, including the following:

• Should you take your tax free cash?
• How should you invest your tax free cash, if appropriate?
• Should you take an income now or defer until later?
• Should you consider reinvesting some or all of your pension income?
• Should you take an annuity, a drawdown plan, or some other option?
• Should your income be inflation proofed and what impact will this will have on your initial income level?
• Should you take the maximum level of income, or a lower amount?
• Should you leave some of your funds invested and phase your retirement?
• Are there any medical or lifestyle issues that could increase the level of income you are entitled to?
• Do you have a husband, wife or any other dependents that should be considered?
• Who offers the best annuity rate?
• Will your retirement plans need periodic reviews?
• What happens to your pension when you die?

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