Retiring very soon
Retirement is fast approaching. You have accumulated a personal or stakeholder pension fund.
You may now be wondering about your retirement options:
- How and when can you can take benefits from your pension?
- What retirement income options are available?
- Can you take a tax-free cash lump sum?
- What happens in the event of your death if you have dependants?
- How does your health, occupation, and smoking status all affect your annuity?
Open Market Option - AnnuityYou have a right, called the 'open market option', to seek a higher retirement annuity income elsewhere. This is what the Financial Services Authority has to say about the open market option. |
You will shortly, or may already have been, offered an annuity by your existing pension provider, and may even now be considering an annuity offer. Your decision, once made, cannot be reversed. It is therefore vital to make the right decision. We will try to help you get the highest possible annuity.
You don't have to take the annuity offered by your existing pension company, but we will check to make sure you do not lose the benefit of any guaranteed annuity rate that your policy may have.
UK pensions - summary | A-Day 2006 pension changes | annuities | state pensions | pension glossary
