The choice of how you draw on your pension arrangements at retirement is very important. It may represent the largest investment decision you ever take. It will almost certainly have a major financial impact on the remainder of your life.
Your options are firstly driven by the type of pension arrangement(s) of which you are a member:
- Defined contribution, eg personal pensions, executive pension plans and money purchase occupational schemes.
- Defined benefit, ie final salary pension schemes.
Normally you can broaden your options by transferring to another pension arrangement. However, this is a specialist area and you should always take independent advice before making any move.
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