Radical changes have come into effect that mean a whole new world of choice for retirement planning. The pension changes will only affect defined contribution (DC) type schemes, giving individuals more choice, control and responsibility over how they access their pension savings and those in defined benefit schemes who may transfer to DC to access greater flexibility.
The following information summarises the retirement income options that are available to draw benefits from. Whilst legislation will permit any DC scheme or plan to offer all of these options, your pension scheme might choose not to offer them and there is no compulsion on them to do so.
When you are deciding on how to take your retirement income, you are not restricted to choosing just one option; it is possible to use a combination of available retirement income options.
Please see the options below to learn more.
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