You may be heading towards retirement, and if so you’ll probably be spending a bit of time wondering what you’re going to be spending your time doing.
A recent report from the National Association of Pension Funds (NAPF) found that not many people give much thought to their retirement income, to the tune of £1billion in income.
If you have been saving into a pension, perhaps your own pension or your employer’s scheme, you should get an ‘offer’ in the post just before you hit your nominated retirement date. They strongly encourage you to take your pension, with Zurich, for one example, putting in bold: Claim Now!
It looks pretty easy – just complete a few details, sign and return. Unfortunately, according to NAPF’s report and our experience, taking the pension company’s offer could cost you dearly in settling for an income which could have been significantly improved by a different provider.
There are hundreds of different permutations of annuity and several different types. Many of our clients choose temporary annuities, rather than being locked in to an irrevocable lifetime annuity.
The vast majority of providers will only offer what they can sell you, and won’t clearly provide all options available to you. Get expert, independent advice on choosing your retirement vehicle – you may otherwise be paying toward some of those nice fat-cat bonuses in the city for the rest of your life!
None of the information contained within this website, or the form in which it is presented is intended to be, or should be, taken as a recommendation, either implied or expressed, to make any particular financial decision.
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