Retirement
Options
You
are under no obligation to retire at the State Retirement
Age. If you want you can delay the drawing of your state
pension. During the period that you defer receiving
your State Pension it will be increased, so that once
the pension is started the weekly payment will be higher
than would have been the case at your State Pension
Age.
The
start date of receiving benefits from Private Pensions
cannot normally be extended beyond age 75. Whether the
delay in the start of the pension payments will result
in a higher income being paid to you will depend on
the terms of your particular pension plan. You should
contact us for assistance.
When
I draw my Pension must I buy an annuity?
A
pension annuity is bought by using your pension fund,
at the time you retire, to provide an income in retirement.
( annuity quote request
)
Many
private pension plans now allow you to draw your benefits
at the time you wish to retire but do not force you
to purchase an annuity. Your income is provided by making
withdrawals directly from the pension fund which remains
invested. Under current rules you can defer the purchase
of an annuity until the time you reach age 75.
If
you wish to investigate the option of deferring the purchase
of your annuity when you retire please use our expert
advice services -
Annuity
Quote Request
Advice
Services
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