Make Your Pension More Beneficial

There are different options that can be chosen in shopping for an annuity. Thus, the best conversion can be seen on the net by dealing with a reliable insurance website.

The age of 55 to 60 is known as the retirement years where an individual is able to utilize his or her retirement benefits. As such, retirees can be able to use their annuities or pension in such a way that it can be converted into a higher rate depending on annuity rates. It is mandatory that retirees must enjoy their pension for the purpose of serving them financially even if they are no longer working. In that way, they can enjoy their golden years without encountering any financial problem. Before reaching the age of retirement, it is advantageous to shop around different options where they can convert their pension into annuity.

The process of open market option, gives the retirees their freedom to choose which annuity can serve them best for their needs. Financial security is very important during retirement years because it is at this time when the individual is no longer capable to work and that there are certain needs that need to be compensated such as health expenses and others. Therefore every retiree can opt to choose a good annuity purchase in order to have a bigger amount of pension rather than just receiving the default amount as set by the insurance company.

Cash in your pension early

If you are aged 50 plus and considering pension release, the minimum age increases from 50 to 55 in 2010

How do you cash in your pension early?

Pension Release or ‘unlocking’ is the term used for taking the benefits from your pension before you retire and getting up to the maximum tax free cash and/or income.

How much can I release?

The current rules say that you can release a cash lump sum of up to 25% of the value of your pension fund. This is tax free and is know as a ‘Pension Commencement Lump Sum’ (PCLS). In addition, the remaining fund can be used to provide you with an income that might be taxable – depending on your circumstances.

How can I get advice on cashing in my pension early?

If you wish to explore your options further, call retirement solutions on 0800 043 0725

Pension Release is only suitable for a very limited number of people and should be only taken as a last resort. Taking money from your pension now will reduce the amount of income available to you come retirement. This service applies to UK pensions only.

For open market option quotes and the best annuity rates

Enhanced Annuity Rates, Pension Drawdown, Pension Release

Open Market Option

The annuity market is very competitive and rates differ between annuity providers. You can substantially increase your pension income by purchasing your annuity from the company which pays the most income. This is called “exercising the Open Market Option.” It costs nothing to take advantage of this option and new rules introduced recently by the FSA mean that insurance companies must tell you about this option.