If you're about to retire, you'll want to find out about the retirement income options you have from your pension fund. Standard Life offers a choice of taking guaranteed regular retirement income from an annuity or putting your pension fund into a SIPP where you can drawdown retirement income directly from the fund.
Buy an annuity with one or more pension funds that you've built up, or with a lump sum from your savings. An annuity offers you a regular retirement income guaranteed for the rest of your life.
Instead of buying an annuity you might want to take income drawdown directly from a Self Invested Personal Pension (SIPP). You should remember that you will need to have enough money in your fund to do this and you will need to have regular reviews to ensure that your fund can sustain the level of income you are taking. Charges may also apply. You can usually take income drawdown from Standard Life's SIPP if you have a pension fund of £50,000 or more.
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