Choose your pension option
This important decision will determine the amount of your lifetime monthly pension payments and the amount your spouse or beneficiaries may receive when you die.
Factors to consider when choosing a pension option
The pension option you choose when you retire is one of the most important decisions you’ll make and will affect you for the rest of your life. No matter what pension option you choose, you will receive a guaranteed monthly pension until you die. However, your choice of pension option will determine the amount paid to you each month and the amount paid to your spouse or beneficiaries after your death.
To decide which pension option is best for you, consider:
- Your age and your spouse’s age
- Your and your spouse’s health and life expectancy
- Your dependants and their financial needs
- Your family and its financial situation
- Your income needs and future plans
- Other factors that may apply to your personal situation
- Ways you want to provide for others and leave a legacy
We recommend you speak to an independent financial adviser before making your decision. Once you have made your choice and your pension is granted, you have 60 days to change your option (this may be limited if you have a spouse). After that time, your selection is final.