Post- Retirement

So you already have a pension. You’ve been paying into the scheme for years and you have just retired, or you’re soon about to. Having spent a significant portion of your life investing for your retirement, now is the time to make that money work for you.

It stands to reason that you want to maximize the potential of your pension fund. It is quite likely that you will have had a lot of informal advice about what you should and shouldn’t be doing with your money.

However, the only way to be confident that you’re getting the most out of your pension is to seek independent financial advice. At Eclipse we know our stuff. We will review your situation and inform you of the benefits, as well as the risks, of each option so you can make the best choice for you.

Come in for a chat and we can advise you about a range of options that are available:

An Open Market Option (OMO) allows you to shop around for an annuity that will give you the best return when it comes to providing you with a post-retirement income.

Annuity -  When you retire, the capital you have built up in your pension policy gets converted into an Annuity that provides you with a guaranteed income for the rest of your life.

Drawdown allows you the flexibility to take a percentage of your pension each year (with the remainder passing to your family in the event of your death) rather than committing to an annuity.

An Alternatively Secured Pension (ASP) is similar to drawdown, allowing you to take some of your money in the form of a lump sum while the rest of your pension remains invested.  The difference is in regard to the percentages applicable.

A State Pension State is something you are eligible for, providing your National Insurance contributions are up to date at state retirement age, which currently stands at 65 (increasing to 67 in 2026).