• Compare the routes to
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    Use our pension income calculator to compare your options.

Our Retirement Income Service

Our retirement income specialists are on hand to make sure you've got all the information you need to make your own decision about what to do with your pension savings, whether you decide you want the security of a guaranteed income for the rest of your life, flexibility that allows you to access your pension savings as and when you need them or take on some investment risk that could grow your savings during your retirement.

And if at any stage you’re at all unsure about which option is right for you, we have an in-house team of financial advisors, who can recommend the best option for you.

Pension Annuities

A pension annuity, also known as a lifetime annuity, pays you a guaranteed pension income for the rest of your life, regardless of how long you live. The amount you receive will depend on a number of choices, such as whether you want the income to remain the same or increase over time, and whether you want some or all of the income to continue for a spouse or partner after your death.

If there are any health or lifestyle factors that may impact upon your life expectancy, you are likely to qualify for an enhanced annuity rate leading to an increase in the pension income you will receive.

Pension Drawdown

With pension drawdown you leave your pension savings invested and take an income directly from them in instalments, which means that your pension income is very flexible.

The value of your savings is linked to the performance of your investments, therefore it has the potential to increase but also decrease in size. There is also the potential for your savings to run out during your lifetime if you take your income too quickly.

Fixed-Term Annuities

Fixed-term annuities are similar to a pension annuity, except that instead of guaranteeing an income for life, it is guaranteed for a fixed period of between 3 and 25 years.

After that time, you will be able to choose another pension income. The size of your remaining pension savings depends upon the income you chose during the fixed-term and can be guaranteed from the start.

Investment-Linked Annuities

An investment-linked annuity provides you with a lifetime income that is linked to the performance of an investment fund, rather than providing a guaranteed, fixed income.

This means your income could go up or down depending on the performance of your investments. Most investment-linked annuities limit this risk by putting a guarantee on the minimum income they will provide to you.

Cash Withdrawal

Should you not need or want to access your pension savings until April 2015, then you have the option to await the changes to pension rules, which includes plans to allow you to take your pension savings as a lump sum, subject to income tax, which could be up to 40%.

Learn about your pension options
Retirement Income Case Studies
  • Age Partnership have provided a first-class service in advising me about my pension options. I am delighted with what has been achieved. - Mr Harris, Cambridgeshire
  • I found Age Partnership's service very helpful, they guided me through the whole process, making it easier to make the choices that are right for me. - Mr Etheridge, Yorkshire
  • During my conversations with Age Partnership, I always felt comfortable that I was given the best advice to suit my requirements. Highly recommended - Mr Crowther, Buckinghamshire
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