There are many different ways for you to ensure that your clients receive the income they need in retirement. This can be generated from a range of different sources including:
- Rental income from investment properties
- Yields from income producing investments
- Dividends from shareholdings
- Drawing down on capital in savings accounts
- Interest from deposit accounts
- Cashing in bonds
Common alternatives The most common way for your client to receive a retirement income from their pension fund without committing to a lifetime annuity is to use a drawdown pension. Clients may also want to consider a Variable Annuity or, depending on their circumstances, be prepared to delay committing to a lifetime annuity.
People whose total value of all pension arrangements is under £18,000* may be able to take the whole fund as a cash lump sum, known as 'trivial commutation'.
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* 2011/12 tax year