Retirement Options
This site is aimed at people who are approaching retirement (in full, or for semi retirement) and want to know more about their income options, but if you would like to know more about the best ways to build a retirement fund for the future, please visit our other site www.pension-investments.co.uk
At retirement
Many people believe that when they stop working they have to start a lifetime annuity(i.e. a guaranteed pension income for life). However, this is no longer the case, as there are many options available and various factors to consider when making this important decision. This site will aim to help you think about the issues to consider and to raise awareness of your options.
The additional options include income drawdown (also known as unsecured pension, or pension fund withdrawal), variable annuities, phased income and short term annuities.
There are also various types of lifetime annuity: Enhanced, Ill health, impaired, investment backed and with profits.
There are many factors to consider and if you like the appeal of more than one option, there is no reason not to split your pension fund between each option to meet your preferences and needs.
With so many people living well into their eighties and beyond, you can be retired for a generation or more so may not wish to lock in to an income for life.
Given that much can change, especially your health, your family (education and needs of grand children, new members to the family and deaths) and your own attitude towards life and finances (such as a slower pace of life with less income needed, or, perhaps a need to enter a care home with all the high costs involved).
This site only provides information, but we can introduce you to a competent retirement expert if you would like the peace of mind offered by using a regulated independent financial adviser.
If you have previously been advised to take out a pension and were not made aware of the other options outlined on this site, which you feel may have been more suitable for you, you may have a case for compensation. We can pass your details to a highly respected claims management company with expertise in this area, so, if you would like to discuss this, please email us with your details and we will ask them to contact you for a no obligation discussion. Alternatively, you can visit their website at www.lower-cost-complaints.co.uk