You don't have to choose one option - you can mix and match as you like. This will allow you take cash and income at different times to suit your needs. You can also keep saving into a pension if you wish, and get tax relief on your contributions until age 75.
Which option or combination is right for you depends on:
Allocating pots when mixing options
- When you stop working or reduce the hours you work
- Your income objectives and attitude to risk
- Your age and health
- The size of your pension pot and other savings
- The sustainability of your chosen option
- Any pension or other savings of your spouse or partner, if relevant
- Whether you have financial dependants
- Whether your circumstances are likely to change in the future
When mixing your options you might:
- Use different parts of one pot for more than one option
- Use separate pots for separate options
- Combine smaller pots before choosing one particular option
At Wesleyan we're here to help, and our financial consultants will help you find the solution that's right for you.