Keep some money invested to use in the later part of your retirement
In the later part of your retirement, you can:
use the money to buy a guaranteed income for the rest of your life – this is called an ‘annuity’
take a lump sum
take flexible withdrawals
The later life pot works by:
allowing you to choose the age when you want to access money invested in the later life pot – Pension Wise has advice on how to do this and you can change this whenever you want
growing your money until your chosen age by investing in a medium to long-term fund
using this pot alongside the Flexible income pot, for an income throughout retirement, or on its own
decide how often you would like to receive payments, for example monthly, quarterly or annually
receive a level or escalating guaranteed income for the rest of your life
choose to allow the income to carry on to a dependant after you die
add optional protection so that the income will be paid for a minimum number of years or until a minimum value of payments has been paid
get a higher income if you smoke or have a medical condition – this is known as an enhanced annuity
Money you put in this pot is invested in the Smart Annuity fund. This fund is provided by Legal & General. To see the details of this investment fund, download the Smart Annuity Fund factsheet.
you want a guaranteed income later in retirement
you want to leave some of your money invested and access some of it, too
To work out the income you could get from an annuity, we look at things like:
how much your later life pot might be worth at your chosen age
typical life expectancy
We assume the annuity will be:
payable only to you
payable for life, with no minimum period
paying you the same amount every month
Discover how you could combine your retirement options with Smart Retire
See how much you could get in retirement with a no-obligation illustration.
Complete our online application form.
That’s it – you can now start using Smart Retire to manage your money.
Have a question about Smart Retire? Our friendly UK-based team is here to help.
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