Funding your Retirement

After working most of your adult life, your intention will no doubt be to enjoy your retirement. To enable you to do this, any pension fund or savings must be invested wisely to achieve the maximum income for the rest of your lifetime.

Pension fund providers are legally obliged to notify you prior to your anticipated retirement date with a transfer quotation of your fund, and informing you that you have the right to shop around for the best rates available. This is known as an Open Market Option.

We recommend that you start considering your options at least two months prior to retirement, as annuity rates are only guaranteed for a limited period.  If you are not retiring in the immediate future any figures quoted will be for indicative purposes only.

You do not have to start drawing your pension on your retirement date. In fact, you can continue to make further contributions into your fund and postpone the purchase of your annuity to a date suitable to you, up to the age of 75 years.

In the years between your retirement (or semi-retirement) and age 75, there are a number of options you may wish to consider before you ‘lock’ your pension fund into an annuity which cannot be reversed later. This would require specialist advice and we would be most happy to discuss these options with you, including making use of a ‘drawdown’ facility, which are explained in more detail within our site.

One easy call to our FREEPHONE number 0800 018 1106 or an e-mail enquiry to our annuity experts could boost your income dramatically.