A. Leave your pension where it is
It may be possible to delay taking money out of a pension beyond the retirement age agreed with a pension provider and/or company scheme. The benefit of this option is the potential for continued tax-friendly growth by way of both investment and ongoing pension contributions. For employees, this means companies can continue paying into the company pension scheme too.
Leaving a pension untouched doesn’t mean it has to stay with your current provider. You can transfer your money to another company and, as with most insurance cover or utility services, it pays to shop around. The rates, charges and conditions will vary, especially if you need some flexibility. So we strongly suggest you do your research and get guidance or advice before making a decision.
For more details about shopping around see the Money Advice Service booklet “Your pension it’s time to choose” which can be found here.
If you’ve any questions about your retirement savings with us then call us.