![]() Although not all pension providers or schemes offer the ability to take a flexible retirement income from your pension pot. If you’re thinking of going it alone, you should check what your existing providers offers. ![]() You’ll need to regularly review them to make sure your money lasts as long as you need it to, keeping in mind the impact of inflation. how much money to take out and how often.If you want to take money from your pension in this way, you’ll need to make decisions about: Or you could choose to set up and use pension drawdown without advice. Most won’t but some policies do have charges for exiting the plan. Check if they’ll charge you for moving your pot to another provider.Find out if your pension has any valuable benefits, such as a guaranteed annuity rate or other preferential terms, that you would lose if you moved your pension to another provider.The ‘wake-up’ pack your provider sends you when you reach your ‘selected retirement age’ (the age you agreed to retire) will probably only contain information on the products they offer. If they have an option you’re interested in, find out how you might get, what features and services they offer to support you and what the charges are (as they can vary).What income options do they offer? Not all providers offer all the options, so find out about which ones they offer and which they don’t.Listed below are the main things to find out: ![]() Before you shop around for any retirement income product, the first thing you should do is speak with your current provider to see what they might offer you. ![]()
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