What you do at retirement with your pension is a very important financial decision. After all, you have been planning for this stage of your life for a long time.
You have worked hard and saved carefully for your retirement. Now that you are thinking about finishing work, you need to decide what is best for you.
Your retirement options
Most pensions allow you to take a certain amount of your pension fund as a lump sum (usually tax free). You can then use the balance to either:
- buy an annuity (a pension for life) or
- reinvest your pension in an Approved Retirement Fund (ARF).
Our Retirement Options video below explains these options in a little more detail.
You may have other options so you should talk to your Financial Broker to find out more.
Annuities and ARFs
Do you want a pension for life (annuity) or the freedom to continue investing your pension after you retire (ARF)?
Our guide to annuities & ARFs will take you through the differences between the two to help you to decide.
Taking your pension benefits
Once you have talked to your Financial Broker and decided how you want to manage your pension fund, you will need to make a retirement claim.
Here is what you need to do depending on the type of pension you have:
Talk to your Financial Broker
We strongly recommend that you talk to your Financial Broker when you are making decisions about your retirement benefits.