When you’ve built up savings in a pension scheme, it’s a valuable asset waiting to be optimized. Anyone standing at the brink of retirement should ensure they are well-informed about the array of choices available when it comes to turning pension savings into income.
In the UK, as elsewhere, the options available are largely fuelled by the type of pension scheme where your savings are held. It’s important that consumers understand their scheme type in order to avoid confusion about income options.
Traditionally, pension schemes were of the ‘defined benefit’ type – perhaps more commonly known as ‘final salary’ or ‘average […]
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