Retirement financial planning made easy == retirement options
1. • so many pension options
• we attempt to demystify these
• what flexibility will you have?
• personal pensions give more control
2. • lump sum can be accessed from age of 55
• this age has just risen and may again soon!
• remaining fund can stay invested or be used to
produce an income
• … via an annuity or income drawdown
3. • beware annuities when interest rates are low
• low rates = low income!
• income drawdown is more popular when
interest rates are low
• but annuities provide more security as the
income is fixed
4. • enhanced annuity available if your insurer thinks
you may have a lower life expectancy
• e.g. smoker or type 2 diabetes
• enhanced annuities provide better income
5. • an impaired annuity may be available if you have
a medical history
• e.g. remission from cancer or stroke
• higher income is possible
7. • phased retirement lets you vary your income
• E.g. more at start of retirement, less at end
• often used as a tax planning vehicle
• alternatively secured pension
• trivial commutation
8. • want to retire abroad?
• consider a QROPS
• corporate pension
• final salary pensions
• enhanced tax free cash
• early retirement
9. Summary
• don’t forget you have the right to shop around
• even pensions are taxable
• seek the right advice!