At retirement your employees will need to turn their pension fund into an income. It’s important to engage employees in the later years of their careers, so they start to think about their options. It’s likely that each of your employees will want to use their final pension fund at retirement in different ways. As well as taking tax-free cash, employees will need to consider whether to purchase a guaranteed pension or continue to leave their fund invested post-retirement in a product called an approved retirement fund (ARF) and withdraw a regular income from it.
We have a range of tools employees can use to explore their different options. The ARF or Annuity tool will help to see which option might be more suitable and the Retirement Drawdown Calculator looks at the different options available in retirement.
Investment choices can be complicated, and the financial environment will change. So, it makes sense for employees to talk to their advisor regularly, before and after retirement.
We recognise that different employees need different levels of involvement, so our approach is tailored to work for everyone.