Apr 24 2008
People saving for retirement and approaching the age of 75 have been urged to give careful consideration to their strategy for funding later life.
Alliance Trust has aimed to make clear to its self-invested personal pension (Sipp) customers that they are not obliged to swap their cash for an annuity as soon as they reach 75.
Other options for Sipp users as they get older include so-called alternatively secured pensions, which can be used to draw a regular income in retirement.
However, Alliance Trust has been keen to point out that there is no one-size-fits-all solution when it comes to funding retirement.
"Many people saving for retirement will be confused about their options, and should consider the different types of income available when they retire," said Steve Latto, pensions development manager for Alliance Trust.
Last week, the James Hay financial service firm suggested that Sipps users ought to find out if they are receiving the best interest rate available to them.
