Another pension query

littleD

I have a small private pension about £13,000 this has a guaranteed annuity rate attached so I get a slightly higher payout, I need to make a decision now on what I do with this - should I leave it where it is until a later date or start to take the 'secure income for life' - its only about £70 per month so probably not a big deal, but I still want to get the best out of my money thanks

MallyGirl

you would need to provide more info - age, still working, etc

littleD

thanks, 65 now, retiring anytime between Christmas and March 2025

dunstonh

At what dates do the GARs get changed?  i.e. is on your birthday or is it pro-rata in the year or is it every 5 years or other method?

e.g. is the GAR better at age 66 than 65 and x months?

littleD

Thanks, that latest paperwork states "the added value offered by the GAR may reduce if you delay taking an income from your pension savings" and in the chart it states that if current retirement age is 65 or less pension age is moved on 5 years