You should speak to your financial adviser before making any decision about what to do with your retirement savings.
Taking a guaranteed income
If you like the thought of using your retirement savings to give you a guaranteed income for life, you’ll still have some important decisions to make.
For instance, you can combine any pension pots you have saved elsewhere, take some tax-free cash and buy the annuity that’s right for you.
Understand your options
You should be able to take up to 25% of your retirement savings as a lump sum, completely free from tax.
Of course, if you choose to take some tax-free cash, it will reduce the amount of savings you have to buy your ongoing retirement income.
- What is an annuity? An annuity is essentially a financial services product that allows you to convert your retirement savings into a guaranteed income for life. How much income you receive depends on a number of things: The amount of retirement savings you have...
- What annuity is right for me? We've set out the main things you’ll need to think about when choosing your annuity in the table below. It’s an important decision that can’t be changed later, so we recommend you talk through your options with your financial adviser.