Six options to improve your pension pot income

1. Ill-health annuity

Look for an ill-health annuity, which, even for minor health issues, will bump up your income significantly.

Find the best annuity rate for your circumstances

2. Temporary annuity

Purchase a temporary annuity for a short fixed period, with a view to buying an ill-health annuity should your health begin to fail.

3. Income drawdown

Income drawdown is now highly restrictive, but you might choose this solution in the hope that gilt yields improve.

4. Investment-backed annuity

An investment-backed annuity might work if you believe the investment climate will pick up, but it is best if you have other assets to fall back on should the underlying investments disappoint.

5. Scheme pensions

Convert to a scheme pension. This is almost always an attractive solution and is not impacted by gilt yield levels and restrictive legislation.

6. Work longer

Work longer to boost your pension fund and eventual payouts.

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A few more to consider:
1. Moving to cash or safer assets the closer you get to retirement, this could help to preserve the value of your pension and protect it from the volatility we have seen over the past few days (probably too late to avoid the current falls but an idea to bank for the future)
2. For those who qualify consider Flexible Drawdown which has no restrictions on the amount you can withdraw in a single year
3. If you want to buy an Annuity then haggle....both with your IFA and also the provider. Get the provider to work hard to give you the best possible quote, play a couple off against each other and if you have a large fund get your IFA to reduce their commission or work on a fee basis instead.
Hope these help.