Pension Income

Converting your Pension funds into retirement income

There are several ways of turning your Pension fund into a regular income for your retirement. The government sets rules about how you can do this. The usual way is to take a tax-free lump sum and then use the rest of the fund to buy a Lifetime Annuity from a Life Insurance company. This turns your Pension fund into a pension income for the rest of your life.

Currently, after deciding whether to take any tax-free lump sum, if you have a wife, husband or civil partner who depend on you, you will need to consider whether you want to buy a joint-life Annuity.

Using an Open-Market Option (OMO) is exercising your right to shop around and buy your Annuity from the company offering the best deal for you.

But if you decide you don’t want to buy a Lifetime Annuity straight away; one option is the new Flexible Drawdown option. It allows you to draw an income from your Pension fund while the fund remains invested.

Please contact us, if you wish to discuss your Pension Income options.

The guidance and/or advice contained within this website are subject to the UK regulatory regime, and are therefore targeted at consumers based in the UK.
Grange Financial (Sussex) Ltd is a member of Best Practice IFA Group Ltd which is authorised and regulated by the Financial Conduct Authority. The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk. Details can be found at https://register.fca.org.uk/ under reference number 229110. Grange Financial (Sussex) Ltd is registered in England, no. 4502151. Registered office 88 Boundary Road, Hove, East Sussex, BN3 7GA.