Additional Retirement Options

As you approach retirement, it's important to weigh up all the financial options that you have available to you. While two of the more prominent options for retirement income are annuities and income drawdown, there are other alternatives available to you.

Additional Retirement Options

It may not be in your interest to go down either the annuity route or the income drawdown route. People with smaller pension funds could be better off taking advantage of the alternatives available, including not taking your pension immediately once you are able to.

Your Options

  • Trivial Commutation - Allows a lump sum withdrawal of a whole pension fund up to the value of £10,000 or three funds up to the value of £30,000. A favourable option for those with smaller pension funds that may not see the full benefits from income drawdown or investing in an annuity.
  • Phased Retirement - Phasing your retirement as you reach pension age allows you to undertake a controlled transition from full-time work into full-time retirement, with its own financial benefits.
Start Retirement Planner

The importance of seeking financial advice is dedicated to providing you with the knowledge to make informed decisions about your finances in retirement. We would always suggest that you speak to an independent financial advisor before making any major financial decisions, as our information does not constitute formal advice. An IFA will be able to understand your personal circumstances and provide unbiased advice on how to proceed with any financial decisions you may need to make.