Do I have to take an annuity?

• No, not necessarily. New pension rules have changed some of the options available to you at retirement.
• When you decide to take benefits (the process of converting your pension pot in to an income), there are other options. What are the alternatives?
• Depending on the type of pension you have, you may be able to make this decision anytime between ages 55 and 75.
  
• An annuity is usually regarded as the safest option and this is important because you no longer have the ability to earn a replacement income.

This information is based on the current rules, however in June 2010 the government announced a review of the requirement to take your income by age 75. This is subject to consultation and new rules are likely to take effect in April 2011. If you reach 75 before April 2011 there are interim measures in place: please contact us for details.