ROUTE MAP TO CHOOSING THE RIGHT PENSION OPTION FOR YOU
STEP 1
STEP 2
Consider how much you need in cash. (You may want to keep this small increase your monthly pension). The Retirement Guide specifies the maximum amount permitted that you many take in cash.
Now you must plan how to get an income from your savings. PICK YOUR PENSION: LIFE ANNUITY LIVING ANNUITY
If you choose a LIFE ANNUITY you will be paid a “salary” for life, even if you live for a very long time.
If you invest in a LIVING ANNUITY you will have to decide how much to spend each year. It’s flexible, but you may run out of money.
READ: THE RETIREMENT OPTION GUIDE FOR A DETAILED EXPLANATION OF ALL OPTIONS OPTIONS
STEP 3
STEP 3
There are many types of Life Annuity pensions you can choose from.
There are many types of Living Annuity pensions you can choose from outside service providers.
COMMISSION FREE WITH PROFIT ANNUITY Now you can choose your pension from one of two providers OTHER LIFE
The Old Mutual Platinum Pension With-Profit Annuity
ANNUITY PENSION OPTIONS Commission fees are payable The Momentum Golden Income With-Profit Annuity
READ : THE WITH PROFIT ANNUITY GUIDE
OTHER LIVING ANNUITY With outside service provider High commission fees payable
IN-HOUSE LIVING ANNUITY No commission fees and reduced administration costs READ : THE RETIRMENT OPTIONS GUIDE FOR DETAILED INFORMATION
MEMBERS CAN ALSO CHOOSE A HYBRID ANNUITY. IN OTHER WORDS A LIFE ANNUITY AND A LIVING ANNUITY COMBINATION
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