Retirement options and support

Our income drawdown option, Income Release, allows employees to access their retirement benefits at a time that suits them and in a method they choose.

When your employees reach retirement they can move some or all their money into a new plan, with the Income Release facility, as long as they have at least £10,000 in their workplace pension plan.

If the annual management charge for regular contributions is lower on their group plan, they'll keep this when they move to Income Release. 

Rated 5 star by Defaqto, it provides one of the highest quality offerings in the market, with a range of tax-free cash and income options. With Income Release, your employees can:

• Choose when and how much money they want to take out of their plan
• Phase when they want to receive their income
• Continue to make contributions into their plan, even after taking money out
• Choose to leave their pension savings for loved ones when they die
• Choose to keep their workplace pension plan as long as they have at least £200 in their plan.

With Income Release, the money remains invested so the value can fall as well as rise. So while pension savings can grow, their value can also go down. This means your employees could get back less than they started with.

An annuity will guarantee a fixed, regular income for the rest of your life. They're a big commitment, as you can’t change your mind once you buy one - even if your circumstances change. 

It’s important employees think about whether a regular income will be enough to afford the kind of lifestyle they want in retirement. They'll have the stability of a regular income, but inflation and the rising cost of living could affect how far their money goes.

Our at retirement team are on hand to talk your employees through their retirement packs and what their options are. If your employees decide they want to start taking money from their plan, and move into drawdown using our Income Release facility, our retirement team will then walk them through their choices and discuss what's involved, including any risks.

Once in drawdown, our drawdown governance service will check the level of income they're taking to help them maintain a sustainable level of income. If it looks like they could run out of money earlier than they hope, we'll contact them to let them know and give them options to get back on track. We won't charge them to do this, and we'll always refer them to a financial adviser if they need professional financial advice.

For employees that feel an annuity is the right retirement option for them, we also have our annuity bureau who'll take them through the process and help them identify the right annuity for them.

If your employees need additional support, perhaps with things like understanding their options or looking for help after a life shock, our guidance team will be on hand to support.