You don’t have to accept a guaranteed pension via a traditional annuity. While it provides a secure level of income and may be your first port of call, standard annuity rates are at historically low levels. There are other options. You will also need to consider what to do with any lump sum payment in addition to what (if any) provision you wish to set in place for your spouse, civil partner or dependant. There are flexible arrangements that offer more attractive death benefits and flexible income options. PSFM likes to get a deep understanding of the individual’s circumstance before providing personal advice.
What to consider when making your first plans for retirement
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