Half of those approaching retirement unaware of their income options
Recent research from LV= has shown that nearly half of over 50s have no idea how to convert a pension pot into income when they retire, and only one in five know that there are alternatives to annuities, such as income drawdown.
Retirees can receive an income of up to 40% higher if they have a health condition, but only one in eight realise that they could get a higher income if they tell a pension provider about a health or lifestyle factor. These might include smoking or obesity.
Only 11% knew that they have to buy a joint annuity for their spouse to get an income after they die.
You can read more about different retirement choices on our website here.
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