Retirement options
Retirement options
With so many options available for your pension fund, you need to know what is best for you. We'll advise on how to maximise your income, reduce the amount of tax you pay and make sure your spouse is looked after when you die.
Armstrong Watson is here to support you when you plan your retirement, looking at what pensions and investments you have accumulated over your lifetime. Then, based on your individual circumstances, we'll help you structure your affairs with a view to producing the income you need in the most tax-efficient way.
The importance of seeking independent advice can be illustrated by taking a single male aged 55, wanting to retire now (January 2008) with a fund (after taking his 25% tax-free lump, if required) of £100,000.
A 'standard' guaranteed annuity could pay as much as £6,106.32 per annum or as little as £5,460.00 (a difference of 10.58%). If he also smokes, then we could seek an impaired life annuity which could pay as much as £6,950 (12.13% more than the best standard rate).
You have many options available to you with your existing pension plans. The comprehensive range of products available includes:
