Close to Retirement?

When you start to draw your benefits your current pension scheme must offer you a pension for the rest of your life. Beyond that ‘core’ promise you can gain access to a multitude of options. If you make the right choices before you commit yourself you will secure the best value from your pension fund for your individual circumstances and requirements.

You have a variety of options when you reach an age from which you want to draw benefits from your pension fund. For most people this is the age of retirement but it is possible to start drawing your benefits before retirement so long as you are at least 55 years of age. It is also possible to defer drawing your pension benefits beyond retirement to build up a larger pension fund for the future. The increased pension could be substantial. 

What pension options..?

The three main options are:
Some people opt for a guaranteed regular income for the rest of their life. Others prefer to invest their pension fund to provide an income which may be varied from year to year.  (The variable option is often selected by people who have other sources of income). 
It is possible to nominate one or more people to receive benefits from your pension fund after you retire or, alternatively, select a (usually higher) income which ceases on your death.  (Much depends on your family circumstances, of course, and the financial situation of your spouse, partner or other beneficiaries).
You may choose to take personal control over the investment strategy of your pension fund.  (This option is typically used by experienced investors or those wishing, for example, to build a property portfolio).

More options:

In turn, each of these options leads to other choices which allow you to structure your pension fund, and the payments from that fund,  to provide the most appropriate balance for your financial needs and circumstances.