Your pension fund is not the most exciting of subjects but it’s one of the biggest assets you’ll ever own.

By the age of 75 you should use your pension fund to buy an annuity or transfer it to an Alternative Secured Pension (ASP). You do not have to draw your annuity from the pension company you have saved with and can transfer it without penalty. It is estimated that consumers could make significant gains by shopping around for their annuity.

An annuity converts your pension fund into pension income – i.e., the income you will be paid for the rest of your life. You buy an annuity from an insurance company with your pension fund, which can come from any of the following:

• Personal pensions • Stakeholder pensions • Retirement Annuity Contracts • Section 32 policies
• Free Standing Additional Voluntary Contributions (FSAVC’s)

We can help you to shop around to get the best deal for your circumstances.

Once you have bought your annuity you cannot switch to another annuity provider or a different type of annuity at a later date. Your pension income from your annuity is taxable.

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