The options you have when you retire depend on what type of pension you have. If you have a DB (defined benefit) pension, your options will be different to if you have a IWDC (Industry Wide Defined Contribution) pension.
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Pension transfers - accessing your DB benefits through Pensions Freedoms
‘Pension Freedoms’ were launched by the Government in 2015 to give members of defined contribution (DC) arrangements more choice about how they take their pension benefits.
This could include using them to buy an annuity for a secure regular income, taking them bit by bit (known as ‘drawdown’) or taking the entire pension pot as a single cash payment.
However, transferring DB benefits to a DC arrangement is unlikely to be the best idea for most DB members.
Our video explains more.
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