QS Financial Planning Solutions Ltd is authorised and regulated by the Financial Services Authority

FSA Registration No: 155158                                        © 2011 QS Financial Planning Solutions Ltd

Registered office:  2 Weekin Works, 112-116 Park Hill Rd, Harborne, Birmingham, B17 9HD

The information contained in this website is for the use of UK residents only.

No action should be taken as a result of information on this website without first taking personalised professional advice.

QS Financial provides independent corporate financial advice on employee benefits, pensions, company pensions, occupational pensions, money purchase pensions, flexible benefits, defined benefits schemes, group risk, group life assurance, group protection, total rewards, group personal pension, GPP, salary sacrifice, workplace advice, financial education, wealth management, financial advice, executive benefits, executive wealth management, care funding, care fees, long term care, employee advice, retirement planning and pension advice.

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As life expectancy increases, retirement can represent more than a quarter of a lifetime.  So when you reach retirement, sound financial planning helps to ensure that your future income needs over a long period of time are fully assessed when deciding how you might take pension benefits and utilise other investments you might hold.

You have many options when taking the benefits from your pension funds at retirement.  Issues to consider will include:

Pension deferral - if it is not compulsory to draw a pension

• Up to age 75 this might be the most effective option for IHT/succession planning for those who do not need to draw on their pension fund

Annuity purchase - these come in a number of different forms

• Single or joint life - what happens if your spouse predeceases you?
• Level or escalating - how long do you have to live to benefit?
• Investment linked v traditional annuity
• Investment linked v drawdown
• Value protection - is it worth the expense?
• Phased release of tax free cash to supplement income
• Short term annuities
• Loss of death benefits

Income drawdown

• Immediate or phased release of tax free cash?
• Capped (standard terms) drawdown
• Fully flexible (unlimited) drawdown - available if you have £20,000 p.a. of secured pension income
• Eventual annuitisation - no longer compulsory but might be more suited in the future
• Death benefits - the options for your residual fund

Our ‘At Retirement’ service offers guidance through the range of options together with a summary of the advantages and disadvantages of each of them to help you select the most appropriate route for you and your family.

Options at Retirement