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options
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Pension income can normally be taken at any time
from age 50, but this is moving to age 55 from 2010. While benefits can be drawn from your fund early, doing this is likely to considerably reduce the level of income you receive from your pension fund.
Options to consider
Your annuity is paid for your lifetime. However, if you die shortly after payments start, it represents poor value for money, as the fund will have been used to purchase the retirement income and cannot be paid as a death benefit. However, the annuity can
be set up to provide for your spouse/partner and dependants after your death.
There are a number of options that can be used separately, or in combination, to achieve this.
However, these will reduce your potential pension because you trade some of this to purchase the
benefits for those dependent on you.
With the wealth of experience you can be provided with and the range of competitive annuity rates available, you can be assured that you really can be helped to make the
most out of your money. As you may spend a lot of time retired, you should consider the long-term effects of inflation on your annuity and how best to combat this.
There are a wide range of products designed to suit most people's circumstances. Use the links below to see which options could be right for your income needs.
With Profits Annuity
Pays an income for life with the potential for growth above inflation over the long-term.
Enhanced Annuity
More income if you're suffering from a serious medical condition.
Conventional Annuity
Provides guaranteed level income for life. The purchasing power of this income
may be eroded over time due to the effects of inflation.
Inflation Proof Annuity
The only type of annuity that fully protects you against inflation. Your starting income will be a lot lower than for a level income.
Flexible Annuity
An income for life with greater flexibility.
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