Retirement income options

Welcome to Aon Retirement Service. Whether you are just a few years away from retirement or just about to retire, there are a lot of things you need to consider.

By taking a few simple steps now, you can be better prepared for your future. There’s no right answer or combination of options, so take a look at all the options to see what may be best for you.

Do you need more help?

By now you may have already generated a personalised Retirement Options Report that can provide you with more information on the options available to you. If not you can generate one by clicking here.

What is a flexible access drawdown and UFPLS?

Flexible access drawdown enables you to leave your pension fund invested for future potential growth. While it is invested you can draw an income from your account each year. This is generally known as ‘income drawdown’ or ‘flexi-access drawdown’. A flexi-access drawdown product allows you to take income payments, as much as you like each year, you could take your whole pension pot in the first year. This approach offers great flexibility, but you need to consider your investment choice, the tax that you will pay, and how long your income needs to last. There is also an option to take Uncrystallised Fund Pension Lump Sum (UFPLS) payments.

Deciding whether pension drawdown is the right option for you is complicated. Not all pension schemes or providers offer pension drawdown. Even if yours does, it’s important to compare all options on the market. This is because charges, the choice of funds, the support and flexibility they offer might vary from one provider to another.

To find out more about Bigblue Touch 4Life’s flexi access drawdown account click on the ‘Find Out More here’ button below.

Depending on your circumstances and the right combination of choices, there are many different types of annuity, each designed to suit your own personal circumstances such as the state of your health and lifestyle, and whether you want to provide an income for your family or other dependants. All annuity income is taxable in line with current income tax rates.

Aon has chosen to introduce Legal & General as their chosen guaranteed income provider, who can also help customers access the best rates from the market as Aon’s introducer. By clicking through the link below you can explore content about annuities, look at a comparative illustration of your options, and apply for a Pension Annuity, Fixed Term Retirement Plan or a Cash-Out Retirement Plan.

If you choose a Pension Annuity, Legal & General will show you their best quotation for their own annuity products and let you know if there is another provider who can provide a higher income, along with how much more you could receive.

If there is a provider with a higher income offer, click on 'Agree take me to Annuity Ready' within the Legal & General website which you will find directly above the first pension annuity quote you see from Legal & General. You will then need to enter your name; date of birth and postcode and you will see what other higher quotations are on offer. It is important to do this to make sure you get the best annuity offer from the whole market rather than just the Legal & General quote that you will first see.
Find out more here   
(Find out more by clicking on the Find Out More box and entering the User Name “bbt4life” and password “retirement” when requested.)
Find out more here   
If you proceed to a quotation, please add ‘Aon’ (for Bigblue Touch) as your pension provider when you go through the quotation process.
  You can use this Legal & General service to get an online quote, or by telephone on 0800 048 2446 (but not by post) if:
  • You have a defined contribution pension pot and you’re aged between 54 years 11 months and 84 years 9 months.
  • Your pot is at least £5,000 (for Pension Annuity) or at least £10,000 (for a Fixed Term or Cash-Out Retirement Plan).
  • You can add your medical conditions, including dates and diagnosis, dates of treatment and prescribed medication to potentially obtain an enhanced annuity income depending on your health status (only available for Pension Annuity)
  • You can use this service to explore your options and run a quick illustration, but you cannot proceed to a quote without receiving a pre-retirement options pack from your pension provider within the last 12 months. They can usually provide one if you contact them.

It is important that before you proceed you understand that you are not given advice from Aon or Legal & General. If you are unsure on which options are suitable for you, we recommend that you seek guidance or advice. Click here to find out more.

Please note this service is not suitable if you have a current complaint with your current pension provider (until it is resolved); you’re in serious ill health with a life expectancy of less than 12 months; or in relation to any death of a customer prior to Legal & General requesting disinvestment of the ceding pension. In these cases you should refer back to your current pension provider.

Tracing Other Pensions

If you’ve lost track of other pensions you may have held then the government’s free Pension Tracing Service can help*. To find out more click here.

*Aon does not take responsibility for external web site links or their content