Are you approaching retirement or maybe newly retired? Are you ready to draw down money from your pension scheme? Did you know that if you have not received pension advice from a specialist in this area, the chances are that your pension will be lower than could have been obtained and / or the death benefits less beneficial for your heirs? Take advice from AEON to see if you can adjust your pension for the better.


Converting your pension fund into a reliable source of income and/or capital is beset with a number of misconceptions and unfortunately many people make the wrong decision simply because they haven’t received appropriate advice.

These are the most common misunderstandings:

  • You have to use your current pension provider to provide your income – WRONG
    If you use your current pension provider to purchase an annuity, you could be disadvantaged by as much as 30%! Clearly this is a substantial amount of money to lose, especially when you consider that you will lose that every year of your life
  • Only married partners can benefit from your occupational pension – WRONG
    With the right advice, it is possible for your unmarried or same sex partner to benefit from your pension
  • It’s not possible to withdraw your entire pension fund in one go – WRONG
    It is possible to withdraw your entire pension fund in one go. Whether that would be advisable is a different issue, however it can be done for clients in the right circumstances.
  • Your pension fund will not attract Inheritance Tax – WRONG
    There are various means to mitigate Inheritance Tax on your pension fund, although it is a complex area and you should always take specialist advice
  • You have to take all of your pensions at the same time – WRONG
    It’s possible to ‘stagger’ taking your pensions to suit your needs at the time e.g. you may continue to work part time and initially only need some of your pension.

An Independent Financial Adviser will be able to clearly explain the options available to you thereby helping you reach the right decisions about your pensions. By considering all the different options for buying an annuity and, most importantly, by finding you the best rates for all annuity providers, an IFA could boost your retirement income by thousands of pounds a year. Surely it’s worth getting a second opinion with so much at stake.

Whatever you decide to do, the most important thing to understand is that you only have one chance. Get it wrong and you’re stuck with your decision. That’s why you should contact AEON for reliable post retirement advice and access to the full range of options and annuity providers.