You can use your pension pot to buy an insurance policy that gives you a guaranteed income for the rest of your life. You pay tax on your annuity income. Before you or your partner reach the qualifying age for Pension Credit any money you take out of your pot will be taken into account when you’re assessed for benefits. You can take 25% of your pot as tax-free cash and buy an annuity with the other 75%. You get a fixed income for life or for a set number of years. Example: You take a guaranteed 10-year annuity […]
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