• so many pension options • we attempt to demystify these • what flexibility will you have?• personal pensions give more control

• lump sum can be accessed from age of 55• this age has just risen and may again soon!• remaining fund can stay invested or be used to produce an income• … via an annuity or income drawdown

• beware annuities when interest rates are low• low rates = low income! • income drawdown is more popular when interest rates are low• but annuities provide more security as the income is fixed

• enhanced annuity available if your insurer thinks you may have a lower life expectancy• e.g. smoker or type 2 diabetes• enhanced annuities provide better income

• an impaired annuity may be available if you have a medical history• e.g. remission from cancer or stroke• higher income is possible

• variable annuity is a hybrid• part income drawdown, part annuity

• phased retirement lets you vary your income• E.g. more at start of retirement, less at end• often used as a tax planning vehicle• alternatively secured pension• trivial commutation

• want to retire abroad?• consider a QROPS• corporate pension• final salary pensions• enhanced tax free cash• early retirement

Summary• don’t forget you have the right to shop around• even pensions are taxable• seek the right advice!

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