I am coming up to the selected retirement age on my Windsor Life pension policy. What are my options?
A. You have a wide range of choices at retirement. You may start receiving your pension (called a Lifetime Annuity) from Windsor Life at once; take a tax-free cash lump sum (often called a pension commencement lump sum) and a reduced pension; put back your retirement date up to age 75; or take your pension fund as an Open Market Option to another company to buy a Lifetime Annuity product from them. If your pension fund is very small, you may be able to take your full pension fund as a cash lump sum (this is known as Trivial commutation). For a detailed explanation of your options, please refer to the Your retirement options page of our website.
