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As you approach the end of your working life there's lots to consider concerning your financial future.

Choosing what to do with your pension savings

Deciding which retirement income option is best for you will be one of the most important financial decisions you will ever have to make. After years of working hard and saving money into a pension, it’s now time to find out which retirement option will make your pension pot work the hardest for the years ahead.

The world of pensions can be daunting and complex on your own.

Your annuity enquiry will be referred and serviced by our preferred partner, who will be able to offer you specialist annuity advice.

How Key can help you

  • No jargon - Arranging your finances can be complicated enough at times without having to decipher unhelpful jargon. Our partner will clearly explain everything in plain English
  • UK-based team - Our partner's highly skilled team of staff are based in the UK and the same specialist will deal with everything from start to finish
  • Industry experts -  When it comes to planning your retirement, our partner provide exceptional services for annuities
  • Free policy check - While some providers may charge you, our partner will check and complete all of your paperwork for free
  • No obligation - Our partner believes in providing a high quality service without the hassle. 
  • Always honest - Our partner's services are completely transparent and are regulated by the Financial Conduct Authority (FCA), which means there are no unexpected fees or gimmick

Speak to a specialist

Want to find out more about your retirement options? Complete our callback form and one of our partner's team will be in touch to answer your queries.

Annuity Calculator

See how much income your pension pot could give you with an annuity.

You should consider the following things before making any decisions

  • Your immediate financial needs - do you need a lump sum?
  • Your present and future income requirements – how much income do you need now and in the future?
  • Your tax position – find out how much tax you will have to pay by taking cash from your pension pot
  • Your attitude to risk – whatever option you are attracted to make sure you understand the risks
  • Your personal circumstances – your health and lifestyle may make some options more financially attractive than others

Frequently asked questions

Planning your retirement income is a big decision. Pension freedoms were introduced in April 2015, which means you now have more choice than ever. Our FAQs provide answers to some of the most popular questions people have asked us when in or approaching retirement.

Can I choose how often I receive my income?

Yes, you can choose from monthly, quarterly, half-yearly or yearly. Alternatively, some options allow for ad hoc withdrawals. Most people choose monthly as they are used to receiving a regular income and it can help with day-to-day living expenses.

Can I switch the provider of an annuity later?

Once you have purchased a lifetime annuity it cannot be changed or moved to another provider. If you wish to keep your options open in the future a fixed term annuity could be an option. 

Isn't it easier to stay with my current provider?

You may not always get the best product if you stay with your current provider. Terms, options and rates vary between providers. Shopping around for a better quote could increase your retirement income.
Paperwork and the complex nature of comparing quotes from other providers may seem daunting, but our partner can do all this for you.

What are my options if I don't need an income straight away?

You can choose to take a 25% tax-free cash lump sum from your pension pot and then take a fixed term income plan set with no income. This gives you a guaranteed maturity amount at the end of the plan's term. 

You can delay taking your pension income if you're continuing to work or you have another source of income to live off. In the meantime your pension pot can continue to grow until you're ready for it. 

There are however tax implications and the potential of additional charges to consider.

If you pass away after the age of 75, your nominated beneficiary can take the money as a lump sum payment or income. The money will be added to their existing income and it will be taxed at their marginal rate. 

Before you delay taking a pension income it's worth checking with your pension provider or scheme that no resulting charges or restrictions apply. 

What are my options if I want an income?

There are two types of annuity in which you can get an income from your pension savings

You don’t have to take all your income as one type of plan or in one go, you can have a combination of the options.

Investment linked annuities are investments. As with any investment, the value of your fund can go up or down and may be worth less than what you paid in.

How can I find out if I qualify for an enhanced annuity?

While speaking to your retirement options specialist you will be asked a number of questions about your health and lifestyle; your answers will allow us to establish whether you could qualify for an even higher retirement income.

What happens to my retirement income when I die?

There are a range of options available to either provide ongoing income for a spouse/partner or dependant, and there are also options for leaving a lump sum. To find out more, please speak to a retirement options specialist.

Will I speak to the same person every time I call?

Our partner aims to provide customers with a single dedicated contact at every stage of the process.

What tax will I have to pay?

Any cash lump sums or income you take will be added to your earnings and will be taxed at your marginal rate after your initial 25% tax-free entitlement.

Page last updated: Friday 06 January 2023