What’s right for you will depend on many things, including:
When you plan to stop or reduce your work
This will directly affect the income you have. You may, for example, only need your pension savings to supplement your income when you first retire.
Your age and health when you retire
This is one of the main things to consider as you approach retirement… and there’s plenty to think about. If you have a long term condition that is likely to reduce how long you live, then an annuity that guarantees you an income might be right for you. If you're relatively young, fit and healthy when you retire you may decide to travel and take up lots of activities – these are all likely to cost you money, and you may want to have flexible access to your pension fund.
The size of your pension fund and other savings
It’s important to look at the ‘big picture’ before making any decisions about your I Plan pension. Think about the pension savings you may have built up with other companies. You should also include other savings such as ISAs as well as any savings your spouse or partner has built up.
If you have dependants who rely on you
Many people will still be financially supporting their children at university when they retire.
Whether your circumstances are likely to change in the future
None of us have a crystal ball, but if you know you will be paying off your mortgage or downsizing soon after you retire, you should include this in your planning.
The bigger picture
