Should I Stay or Should I Go? - Defined Benefit Pensions

Have you transferred out of your Defined Benefit Pension scheme and are you wondering what happens next? Are you looking to draw down your pension benefits?

First of all, in order to have access to your benefits, you will need to satisfy one of the following;

•   You have left service of your employer and are over the age of 50,

•   You have reached “Normal Retirement Age” (each pension scheme has its own set retirement age),

•   You are over the age of 60 and the Trustees of the pension scheme will allow you to draw your retirement benefits and continue in the same employment.

Once you have determined that you will be allowed take your benefits, you now have the option of either choosing a flexible or guaranteed income or a combination of both. The right choice depends on a lot of things such as;

•  your attitude to risk

•  whether you have a partner or children

•  your health and your tax position

This is where Premier Financial Services can help you.

There are 2 main options available at retirement, Annuity

(guaranteed pension for life) or Approved Retirement Fund (ARF) route, and both have advantages and disadvantages, so which is the best option for YOU?

This important financial decision requires proper professional advice prior to making this choice. Everyone’s situation is different and everyone has different needs. With the help from Premier Financial Services, we can evaluate each option for you and decide on what is the best course of action for you. Your options can be difficult to understand. We will give you a clear comparison of your benefits which ever option you decide to go with. Our goal is to enable our clients to achieve their lifestyle objectives through structured planning and careful management of their financial resources and we ensure that we present information to them in a simplified way that they can understand and appreciate.

This Content of this column is generic in nature and is not meant to provide individual investment advice to the reader. Before an investor considers any investment they should seek independent professional in-vestment advice suitable for their own personal circumstances.

Premier Financial Services is a registered trade name of PCS Financial Services (Kerry) Ltd.

PCS Financial Services (Kerry) Ltd. T/A Premier Financial Services is regulated by the Central Bank of Ireland.