1.

High Rate Tax Payers

Maximise your contributions whilst you are a tax relief high rate tax payer- particularly important if you will become a basic rate taxpayer on retirement.

2.

Gradual Retirement or Phased Retirement

Consider buying an annuity with part of the funds allowing the remainder to grow until needed at a later date

3.

Guaranteed Annuity Rates

Check out whether your plan benefits from a guaranteed annuity rate set out when you first started the plan.

4.

Tax Free Cash

If you need all of the tax free cash now without needing to maximise income, consider pension drawdown.

5.

Open Market Option

You may not realise that the company with whom you built up the fund may not offer you the best annuity rates. Transferring to a specialist annuity company will probably give you a better rate.

6.

Early Retirement

The earliest age at which you can take pension benefits has been raised from 50 to 55

7.

Smoker, or with health problems

Investigate whether you benefit from what are called " impaired life annuities”

8.

Death Benefits

A lot of old pension plans have a return of premium plus interest as a death benefit. This is generally considerably lower than the actual fund value

9.

Thirdway Annuities

If you want to defer having to take the ultimate step of having to buy an annuity, new companies are entering the market bringing with them alternatives that have worked elsewhere in the world.

10.

Investment Annuities

With annuity rates falling, some retirees with a higher risk profile may want to buy investment or with profit annuities where there is a potential for the annuity to rise.

11.

Don't accept one quote

Your pension company might only send to you one annuity illustration-ask for different ones i.e. joint life with spouses benefit, escalation or guarantees.

12.

FSAVC or AVC's

You are now able to take tax free cash from these types of policies.

13.

OMO and Occupational Pension Schemes

Even under a final salary occupational pension scheme, it is possible that the Trustees may decide to use the OMO to purchase a higher pension.

14.

High Earners- Put Policy into Trust

Putting a trust around the pension ensures benefits go to the people you want it to, and protects nit from Inheritance Tax.

15.

SIPPs and VCTs

VCTs can be moved into a SIPP after 5 years to take advantage of a 25% government gross up, so overall investment increases by 50%

16.

Thinking of Emigrating ?

Research well beforehand. There are different rules between the EU, Australia, New Zealand or USA