It has been a tradition of pension schemes for many years that the earliest age you can get at your pension benefits is age 50.  However, about 3 years ago the rules changed to increase that age to 55 but the change was not immediate.  In fact, the rule change wasn’t to come into effect until the 6th April 2010.  I am finding it hard to believe that this is only 7 months away now!!! 

We are experiencing an increased amount of enquiries from clients and prospective clients who are able to access their pension funds now but won’t be able to do so after April 2010.  They are looking at this for many reasons such as early retirement, loss of employment income, home refurbushments and starting up businesses.  Are you looking to release the tax free cash from you pension fund?  Are you affected by the age increase?

We can advise you on all the different ways you can receive benefits such as an annuity, open market option, phased retirement, income drawdown, 3rd way annuity, with profit annuity etc.  Contact us now for more information and to book your free initial consultation. голова болит секс голова болит секс голова болит секс голова болит секс голова болит секс

So you are reaching your intended retirement age and you are beginning to receive your maturity options from your various pension providers.  What do you do now?  How do you decide on which style of annuity is best for you.  Level in payment or increasing?  A spouses pension or single life? Take the tax free cash or not?  Or even is buying an annuity the best way for you to provide income in retirement?

For the purpose of this article, lets assume that a single life, escalating annuity is best for you.  The next part of our advice process now involves finding which Pension Provider is going to offer you the highest income for your fund.  This ability to shop around for the best annuity rate is called The Open Market Option. 

The Pension Providers base their annuity rates on their own experiences of average life expectancy.  Don’t be fooled by there warm brochures covered with pictures of a happy pensioners.  They want you to die prematurely so they don’t have to pay your annuity out for long.   In fact, a number of Pension Companies will now offer enhanced annuity rates for smokers and retirees who have serious medical conditions such as high blood pressure, historical heart attacks, diabetics etc.

We don’t advocate you start smoking just before you retire but if you do, or you take medication, then contact us to see how much extra pension income you might get. 

You only get one chance to buy your annuity so make sure you contact us to get the correct advice on both style of annuity and the Pension Provider offering the highest rate.  

Then all you have to do is live a long and happy retirement!