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Retirement Options

Approaching retirement requires planning in terms of providing sufficient income from all sources including personal, occupational and state pensions including income from investment capital. Contact Us for further information or a Quotation.


What Are Your Options?

  • Lifetime Annuity
  • Enhanced Annuities
  • Fixed Term Annuities
  • Investment Linked Annuity
  • Unsecured Pension (previously known as Income Drawdown)
  • Phased Retirement


Lifetime Annuity
Your pension is used to buy an annuity which will pay you a set income for your life. You can have the option to increase the benefits yearly, joint life to provide spouses pensions, guaranteed periods


Enhanced Annuities

For individuals who have medical conditions or their lifestyle may reduce their life expectancy an enhanced annuity can increase the retirement income offered by their existing provider.


Fixed Term Annuities

These annuities offer a fixed term of say 5, 7 and 10 years, some providers will provide a guaranteed maturity value so clients know the fund value they will have at a given time in the future. One benefit of a fixed term annuity would be that as opposed to building in benefits to a lifetime annuity at outset e.g. spouse's pension or index linking, an individual can leave these out to improve terms, if for example at the end of the fixed term their circumstances have changed e.g. their is no spouse and a lifetime annuity is more suitable the individual who could have paid extra for spouse's benefit at outset through a lifetime annuity could ignore this going forward and obtain better rates.

Investment Annuity
The income provided by this type of annuity is determined by the performance of the underlying funds. An anticipated bonus rate is selected at outset, if the returns are above this then income will increase, and the opposite will occur if returns are below the anticipated bonus rate. A lifetime annuity can be chosen in the future ideally if annuity rates increase.

Unsecured Pension
Previously known as Income Drawdown or Pension Fund Withdrawal. This is designed to allow you to take the tax free lump sum that is available from your pensions, and for you to determine how much income you need between zero and a set maximum limit. Your pension funds will still be invested and you have the ability to review this regularly. A lifetime annuity can be chosen in the future ideally if annuity rates increase or more stable returns are required. An unsecured pension is a higher risk product and not suitable for everyone.