When you decide to take your pension benefits you have primarily two options:
You can either secure a pension annuity or go into drawdown with your existing pension arrangement.
This is a complex area and it is essential to take financial advice so that you are fully informed.
Please take a look at our Retirement Options booklet which our clients find invaluable.
If after receiving advice you decide that the most appropriate solution is to effect a pension annuity it is essential to check that you have been offered the most competitive pension annuity available in the market.
Rates offered by many companies are very unattractive. If you are a smoker or have any health issues it is also important to determine whether you would be entitled to an enhanced annuity due to your medical situation.
An existing client of ours had a personal pension and also an additional voluntary contribution scheme with Clerical Medical, who are a good pensions office. Our client was offered a pension of £902.70 p.a. by Clerical Medical but by looking around the whole of the market and obtaining competitive terms with other providers we were able to increase that pension to £1162.44 per annum (an increase of 29%).
She was 65 years of age and if she was to live another 20 years the additional pension provided would have been substantial. Our client did not have any health problems but if she had the improvement could have been even greater.
If you are looking to realise your pension arrangements please contact us and we will be happy to advise you.
