RETIREMENT PLANNING - MAKING AN INFORMED DECISION

Deciding how to take your pension benefits is one of the most important financial judgements you will have to make. At one end of the scale is the dependable secure income for life that comes with a conventional annuity; at the other is the much more flexible, but riskier income drawdown.

This guide looks at the options currently available, their advantages and disadvantages and importantly, the impending changes to UK pensions legislations.

Gerard Associates aims to give you information to help you make your own financial decisions and to help you make an informed choice. The information does not constitute financial or other professional advice.

What are my options?

 The main options at retirement for UK residents are:

1. Lifetime annuity - also known as a Secured Pension.

2. Pension Drawdown also known as income drawdown.

3. Phased retirement - rather than take your benefits all at once, you can phase them in, using annuities, pension income drawdown, or both.

5.  Fixed term annuities also known as ‘Third Way’ plans which provide some of the security of a lifetime annuity with some of the flexibility of pension income drawdown.

Please use the menu on this page to read about each of the above options in more detail, as well as the important information you need to know.

If you are considering moving abroad, or are already an expatriate, then you should also look at our QROPS pages for more information about maximising your UK pension benefits.