jeana
Apprentice
Joined: 15 Nov 2006
Posts: 4
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 Posted: 01/20/08 - 10:33 Post subject: |
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| I have three different pension schemes, state pension, occupational pension from my employer and private pension which I contribute by myself. I know that my state pension I can’t use before age 65, but I have heard that I can use my occupational and private pension before age 65. Can I take all amount of my occupational or private pension when I rich the pension age. What are my options? |
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nathanial
Apprentice
Joined: 15 Nov 2005
Posts: 7
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| Posted: 02/18/08 - 23:48 Post subject: |
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Options are same for everyone, as you said your state pension can’t be used before age if you are mail. Concerning our occupational pension and your private pension there are few options. First is to make an agreement with your provider about way you want to use your pension. Do you want cash for life or a pension annuity or you want part of pension lump sum to take advance? If you decide for pension annuity you will be receiving every month till the rest of your life.
The range of options will increase but currently there are four main types of annuity, namely: level, escalating, with-profits, and unit-linked. As the names imply, a level annuity pays a fixed level of income for life, while an escalating annuity either increases at a fixed percentage amount each year or is index-linked to increase in line with inflation.
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