After recent legislation changes in April, the main options available to members when taking benefits at retirement are Lifetime Annuity, Income Drawdown, Phased Retirement and Hybrid Pensions. Here, we outline each of these options and how they may affect members.

The new tax year marks a new era for pension saving in which the keynote is flexibility.

Many investors entering the retirement ‘transition zone’, must use their accumulated savings to fund retirement income, but conditions mean many are looking beyond conventional annuities. In this article we use a case study to understand the key trade-offs: income, bequest and sustainability.