As you plan for retirement, it’s important to know what happens with your pension and how you can make the most of it. Here’s a quick guide to help you understand the key choices available to you:
Throughout your working career, you contribute to a pension—setting aside money to replace your income when you retire from work.
Upon reaching retirement age, you typically have the option to take a tax-free lump sum. The remaining balance can be managed in different ways, with one popular choice being an Approved Retirement Fund (ARF).
An ARF is a flexible investment fund where your pension savings remain invested after retirement. Here’s how it works:
If you’re approaching retirement, it’s worth considering both an ARF and an annuity—which provides a guaranteed income for life. Each option has pros and cons depending on your financial goals and risk tolerance. Always consult a financial advisor to ensure you’re making informed decisions.
Retirement planning can be complex, but we’re here to help.
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