Individual customers

Thinking of retiring

Converting your pension into a regular annuity income couldn't be easier. If you've other pension plans with other companies you may also be able to combine these together to get a better income in retirement. Generally the more you have to invest, the higher the level of income you can get.

When you get near to retirement we'll send you all the information you need. You should read this and let us know which option you'd like to go with then we'll pay you any tax-free cash you've requested and set up an annuity for you.

We think there are good reasons to choose us for your annuity, but you don't have to. If another company can offer you a better rate for your circumstances then you can use your open market option and ask them to provide your annuity. Depending on your instructions we'll either:

• pay you any tax-free cash that you want first and send the rest of your fund to your new company so they can set up your annuity
• transfer the whole of your pension fund to your new company so that they can pay you any tax-free cash that you want and also set up your annuity

What do I need to do?

You don't need to do anything just now as we'll send you all the information you need when you get near to your chosen retirement age. Your chosen retirement age is the age you told us you'd like to retire when you set up your pension with us. If you can't remember what age you chose, this will also be shown on the statement you get from us each year.

Timing	What we'll send you	What you need to do
Three to four months before your retirement age	We'll send you a letter detailing what your pension is worth and will give you some information about your potential options at retirement.	Nothing at this point. A lot can change in three or four months so you don't have to make a decision about your retirement at this point. This is just a reminder so you can start investigating your options, tracing any old pensions and speaking to your financial adviser and family. If you decide to delay your retirement then let us know and we'll update our records and send you another reminder then.
Six weeks before your retirement age	We send you a detailed quote showing: the current value of your pension how much tax-free cash you're entitled to what income you could expect to receive some different options you could choose and how these would affect your retirement income We also include details of: the open market option the alternatives to taking an annuity the information you'll need to send us so that we can start paying your income	Read this information carefully. You could be retired almost as long as you were working so it's important to understand your options. If you don't understand any of the information then you can ring the helpdesk number on the letter you receive or speak to your financial adviser. Once you've chosen your option, you need to complete the declaration that we include in the pack and return it to us along with any proof of identity or relationship we ask for. You'll also need to let us know if you're already being paid any pension income or you've other pensions which you'll turn into income at the same time as your AEGON Scottish Equitable one.

 

Once you've sent us back your instructions, we'll pay you any tax-free cash that you've asked for and set up a Guaranteed Pension Annuity for you.