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Options at Retirement

Helping you get the most from your retirement savings

Your pension is one of the most important savings vehicles you have; its purpose is to provide you with an income in your retirement and whatever decision you take, the question that you need to think about first is what overall provision you have made for your retirement and the part provided by your Sanlam pension plan or plans that you may have elsewhere. 

Retirement in the future is going to be very different. The demise of generous final salary schemes, people living longer and for some, the erosion of state benefits are just a few of the factors that may re-define retirement.  Potentially this could mean that retirees may have smaller pension pots and less income from the State but will need their income in retirement to last longer.

There are significant factors which will influence your thoughts when you come to plan your retirement, such as:

  • How much money do you think you will need? In the first year, the next three years or over the next five years?
  • How will my pension income be taxed?
  • Can I provide for my spouse, civil partner or others when I die?
  • Do I want a mix of options?
  • Can I continue contributing to my pension fund?

These are a small number in a long list which is the reason this is a critical time to seek impartial guidance and specific tailored retirement planning. The most suitable option will depend on your personal requirements and circumstances.

Changes to pension rules in April 2015, commonly known as Pension Freedoms, mean that many people can choose to withdraw money from their pension, such as your personal pension(s) with Sanlam, in a variety of ways. But with that choice comes the responsibility for making the right decisions which impact a significant phase of your life and the heightened risk of making poor choices.

With the greater flexibility and freedom in accessing your pension, this could mean that your pension savings become a target for scams or inappropriate and high risk investments. Remember... These are designed to look genuine and if it appears too good to be true, it possibly is. You could potentially lose all your money and there will be no protection via a financial compensation scheme.  More information on how to spot a scam.

The web pages on this section are designed to help you understand the main issues and assist you through the decision making process. These options are normally available from age 55, although if you have already taken some benefits or hold an Executive pension product with Sanlam, some or all of these options may not be available to you.  For assistance, please call our client services team on 0117 975 2125 or email us.

Please also see our ‘Understanding Your Retirement Options’ booklet below.

IMPORTANT: You do not have to take your pension savings now; however, when you do make that decision to take your pension, then you do not have to take it with Sanlam. By shopping around you could increase the amount of income you receive in retirement.
 

Your Options

Remain Invested

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Buy an income for life

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Withdrawing your money when you need it

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Withdraw all your money immediately

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Please note...

You may be able to choose any combination of the above options. 

Irrespective of the option you intend to choose, you are recommended to shop around for the best deal.

Why guidance and advice can be important

It is really important that you understand the options available to you as decisions made now will affect the amount of income available to you later in life.

Pension Wise, is a free and impartial guidance service set up by the Government, to help you understand your different options.
This service is available online, face to face or over the phone, go to Pension Wise or call 0800 138 3944.

The Money Advice Service offer free guides which give you clear, unbiased information and advice. You can download guides online or order printed copies from their range.

Deciding which option is best for you may seem complicated. A financial adviser can help you make the most of your pension savings.
 

Useful Customer Information

Understanding Your Retirement Options

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Seeking Guidance and Advice

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Pension Death Benefits Tax Changes

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Investing involves risk and the value of investments and the income from them may fall as well as rise and are not guaranteed. Investors may not get back the original amount invested.