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Retirement Options

Recent times have seen an overhaul of pension legislation by the Government. Their main aim in this has been to make choice clearer by simplifying the array of contract types in the market.

At the same time they have created greater flexibility for how you can use those funds to provide benefits. Annuities, where your fund purchases a regular income, are not your only option. Benefits from pension funds, both defined benefit and money purchase, can be taken in a number of ways, some of which are more flexible than others.

Here we outline some of the options available. Your financial adviser will be able to give you more details and help you choose the most suitable approach for your individual circumstances.

Not only have the options for how you take benefits grown, the options for when you take benefits has also broadened. Generally, benefits can currently be taken as early as age 50 – this will rise to age 55 on 6 April 2010. The latest that benefits can start to be taken is age 75. But now you do not necessarily have to give up work to be able to take benefits from your pension fund.

These decisions on how you take benefits are becoming more important as life expectancy is ever-increasing. According to the Government Actuary's Department, life expectancy for individuals aged 65 today is estimated to be age 84 for men and 87 for women. It is likely, therefore, that your pension fund may need to provide you with an income for many years.

Lifetime annuity

Income withdrawal, Unsecured pension, Income drawdown

Phased Retirement

Berkeley Morgan Limited is authorised and regulated by the Financial Services Authority

Registered in England Registered Number 2601046. Registered Office: John Ormond House, 899 Silbury Boulevard , Central Milton Keynes , MK9 3XL

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Francis W. Hurst

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