Overview
This is now a very complex area of financial advice. When you decide to take benefits from your pension savings there are rules regarding the way in which benefits are taken, however there is a wide choice of products to choose from

Range of choices
The following is a list of questions that need to be explored and understood before you can make a decision: -

Ø      Should you transfer benefits to improve them or to match your needs

Ø      How much Tax Free Cash is available

Ø      Can you improve the Tax Free Cash if you transfer benefits

Ø      Do you have any guarantees in your current pensions that would be lost if you transfer benefits

Ø      Is a simple annuity purchase suitable

Ø      What about enhanced annuity purchase, Impaired life annuity purchase, Investment-based annuity purchase

Ø      What about unsecured pension rather than an annuity purchase

Ø      What about phasing your pension benefits

Ø      What do you want in the event of your death

Ø      What about tax planning considerations

Some products may not be suitable due to factors such as investment risk, charges, or product complexity; or they may not be available (as some products require minimum amounts of money). You might not qualify for some products (such as an impaired life annuity, unless you are in ill health). 

What the above highlights is the need for quality independent financial advice; Sovereign Asset Management can help you