There are over 50 ways to turn your pension into an income.
Your personal circumstances will be different from everyone else’s.
Explore all the options before making your choices, as it may be for the rest of your life!
You are faced with many ways in which to turn your pension into an income when you decide to retire. In many scenarios the option you choose at this point will be the way in which you receive your income for the rest of your life. It is therefore very important to make sure you choose the right type of income for your circumstances.
You’ve probably pictured how you want your retirement to look like over the past few years. Whether it be buying a place abroad, playing golf everyday or simply relaxing after a life of constant working. The way you want organise you income will determine whether it’s possible to fulfil these wishes.
Traditionally a pension was turned into an income for life through a simple annuity. There are however more flexible options available. Maybe you want to take the lump sum now and leave the income invested for a later date. Alternatively you may wish to take income as and when you need it. There is an option for all, but you’ll need to specify this at the start as once you have changed your pension into an annuity you won’t be able to change your mind.