Which retirement income solution
is best for you?
Your retirement income options
Most people wait until they stop work to take pension benefits but you can access your pension fund at any time from age 55 (rising to 57 in 2028). You don't have to take the money when you stop working. You can leave it invested if you have other income.
There are four main options (or combination of options) to consider when taking benefits from your pension for the first time:
- Flexi access drawdown
- A lifetime annuity
- Annuity drawdown
- Taking one or more lump sums from uncrystallised funds known as Uncrystallised Funds Pension Lump Sums (UFPLS)
When you access your pension fund, you can normally take up to 25% as a tax-free lump sum.
Finding the right solution for you will depend on an understanding of your personal circumstances and objectives and how the variety of available retirement income solutions can be used to meet your needs.
To find out more about which solution is right for you, try our ‘Annuity or Not’ tool and 'Retirement Income Forecaster'.
We offer a free online consultationHelpwith one of our retirement experts to help identify the best retirement option for your needs - please call 0800 077 8807 or click here for more information and to book your consultation.
“Just a few words to say thank you for helping me through financial elements of the first year of my retirement. I must say that the whole Intelligent Pensions experience has been a model of excellence in customer care. Every step along the route from first contact through to communication from your offices has been clear and thorough. I would certainly recommend IP to anyone looking for trouble free help with managing their pension.”
- Mr Hunt, Herts