If you’re retiring in the next few years, you have more options than ever before. From taking a lump sum to transferring your final salary pension, you can build the perfect retirement in the way you wish.
However, with greater choice comes greater complexity. You might have questions including:
- How should I draw my income in retirement?
- Should I transfer my defined benefit (final salary) pension?
- Should I take a lump sum from my pension?
- Will I pay tax when I draw my pension?
- What state pension will I receive?
- What should I do if I have multiple pension pots?
In many ways, the moment you decide to retire represents the maximum point of risk. Making the wrong decisions at retirement can be costly, leaving you short of money in later life or facing an unexpected and unnecessary tax bill.
Getting the right advice, and understanding your options, is therefore crucial.
To help you, we’ve produced three comprehensive guides, each covering a different area of retirement planning. They will answer many of your questions, help you to make informed decisions, and enable you to retire with confidence.
Defined benefit pension transfer guide
Here’s everything you need to know about your defined benefit pension.
Transferring from a defined benefit pension scheme is an important decision, so this guide will help to ensure that you fully understand the implications before considering this.
Defined benefit or defined contribution pension?
Download this useful factsheet to find out more about the differences between defined benefit and defined contribution pensions.
Read about the main features and benefits of each type of scheme, and what they mean for your retirement.
A guide to your retirement options
Should you take a lump sum when you retire? Buy an annuity? Or use flexi-access drawdown?
This essential guide will answer many of your pension questions. It explains your options clearly, helping you to understand your retirement choices.