Options on Retirement

Retirement benefits are can be taken at any time between age 50 and 75. This will change significantly from 6^th April 2010 to ages between 55 and 75.  Somebody who is aged 50 on 1^st of March 2010 will be able to take benefits immediately provided this is arranged on or before the 5^th April 2010.  If this option is not exercised before the this date, the next opportunity to take retirement benefits will be March 2015.

If you have not purchased an annuity by the time you reach age 75 then you must do so or elect an Alternatively Secured Pension (ASP). In all cases there is the option to take up to 25% of the fund as a retirement lump sum before age 75.

You don’t have to stop working to take you benefits and you don’t have to take income straight away when you take your tax free cash.

Your options in retirement in include -

• Annuity purchase 
• Enhanced Annuity purchase 
• Investment Linked Annuity
• Temporary Annuity purchase
• Unsecured Pension (USP)
• Phased Retirement 

• Alternatively Secured Pension (ASP)