Members of defined contribution pensions schemes (i.e. money purchase, personal pensions and stakeholder pensions) can
use their accumulated fund after age 55 to purchase an
annuity. An annuity is a contract with an insurance company
that pays a regular income for the policyholder's lifetime.
Alternatively, the policyholder could start an income drawdown
plan (also known as a unsecured pension). This allows the
policyholder to keep their fund invested and draw, if required, a
regular income.
In this section you will find information about annuities and income drawdown plans.
