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Most people convert their pension fund into an income by way of an annuity. However, this is not the only option.
Income Drawdown is another option to consider on retirement if you do not want to take an annuity, this allows you to draw an income directly from your pension while your funds remain invested. One of the benefits of income drawdown is that you retain control over your investments and decide on the level of income you wish to draw (limits apply).
Although not suitable for everyone, income drawdown can bring advantages over the purchase of a conventional annuity. For example, you may benefit from enhanced death benefits, with a lump sum being paid to your chosen beneficiary. You can also take the maximum tax-free cash allowed and defer the purchase of your annuity or the drawing of an income from your fund.
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