Deferring my pension

 

NIGEL'S STORY - 66 YEARS OLD

Nigel has reached his State Pension age but is still working as a pub landlord. Having looked at the income his pension would provide, he doesn't feel that retiring now would give him enough to maintain his current lifestyle. He hopes that in a few years’ time his pension savings might generate a more comfortable income. Nigel does not have any valuable guarantees on his pension pot so if he wants to defer taking his money, it is fine for him to do so.

NIGEL's FIGURES

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NIGEL'S FULL STORY

Nigel has a pension pot worth around ##pension_pot##. He wants to enjoy his retirement and would like his pot to hopefully generate a more comfortable income.

As Nigel enjoys his job as a pub landlord he's happy to continue working for another ##term_left## year/s.

He'll continue to put ##contribution## into his pension fund each month. Then when Nigel does retire he could potentially get an annuity income of around ##current_annuity_income## per month after taking his 25% tax free lump sum (##current_tfls##).

If Nigel continues working and contributing into his pension:

 

His pot’s value after ##term_left## years

##future_pension_pot##

His tax-free lump sum after ##term_left##years

##future_tfls##

Nigel’s potential monthly annuity income after ##term_left## years

##future_annuity_income##

 

Please click here to read the assumptions we’ve made

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EXPLORE MORE STORIES

STORIES ABOUT ANNUITIES

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STORIES ABOUT FLEXIBLE ACCESS

Ted wants to take his 25% tax-free lump sum and then invest the rest.

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STORIES ABOUT OTHER OPTIONS

Jill wants to take all of her pension in cash, now.

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RETURN TO: TAKING YOUR MONEY

RETURN TO: TAKING YOUR MONEY

Go back to the taking your money home page to look at a different stage.

Taking your money

TAKING YOUR MONEY

TAKING YOUR MONEY

Have you thought about what your plans mean for your retirement income? Our calculators can help you work it out.

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COMBINE YOUR PENSIONS

COMBINE YOUR PENSIONS

Got more than one pension? Then you could think about putting them all in one place. Combining your pensions with Scottish Widows is simple and we won’t charge you for this service.

Pension transfers

RETURN TO: TAKING YOUR MONEY

RETURN TO: TAKING YOUR MONEY

Go back to the taking your money home page to look at a different stage.

Taking your money

TAKING YOUR MONEY

TAKING YOUR MONEY

Have you thought about what your plans mean for your retirement income? Our calculators can help you work it out.

Retirement calculators

COMBINE YOUR PENSIONS

COMBINE YOUR PENSIONS

Got more than one pension? Then you could think about putting them all in one place. Combining your pensions with Scottish Widows is simple and we won’t charge you for this service.

Pension transfers