When the time comes to take the benefits from your accumulated pension arrangements, the options can be bewildering.

Those who have had a varied career may have deferred benefits from occupational schemes in addition private arrangements that have been built up during periods of self-employment. Even those who have always been self-employed may have a combination of retirement annuity policies and personal pensions. Benefits from occupational schemes may have been transferred to other arrangements and there may be executive pension benefits from periods of employment with small companies.

Decisions relating to the taking of pension benefits can be irrevocable so an analysis of all the options available is needed before any steps are taken.

The options are now much wider than the simple purchase of an annuity or the phasing of benefits if income does not need to be maximised. The facility also exists to take income from a pension fund without any annuity purchase giving access to tax-free cash at outset. This has the advantage of leaving pension funds invested and available to beneficiaries in the event of death. Even if annuity purchase is desired, this can now be structured on an investment basis to give access to growth in income in the future. It is also likely that the compulsion to purchase an annuity at the age of 75 will be withdrawn in the near future.

We have the expertise and technology to model these options for clients, taking account of such factors as attitude to risk, family circumstances, tax position, non-pension assets and state of health

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