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The pension freedom changes that were introduced in April 2015 mean that what was already quite a complicated area has become even more so. As a pensions specialist we can help make the pensions at retirement situation clearer.
Even though they have had a bad press annuities still have their place, and should be the first option you consider at retirement.
It is important to look at different providers, as a higher income can be obtained just from picking the right company.
Large enhancements can be obtained for people who smoke, or for those in ill health, and often for relatively minor illnesses. It is very important to select the correct options at the outset with annuities, as you cannot generally change them at a later date. We have a lot of experience in this field, and can cover all of your choices with you.
When considering pensions at retirement, you might wish alternatively to look at more modern products, particularly if you have a larger fund or you wish to draw your pension fund in stages, or you wish to pass your pension on after your death.
Some pension providers are choosing not to offer the new pension freedoms, which have been well publicised. We can help, by potentially arranging a transfer for a new scheme which allows for the new rules.
We can also discuss your occupational schemes, taking the offering from the scheme may not be in your best interests, and the value of such schemes is normally greatly underestimated.
Finally, we would question whether it is wise to draw your whole pension fund and spend it on a Lamborghini (though they are very nice). We hope he was well insured!