You have options regarding how and when you take your pension benefits from your Rothesay policy.
You can either take your benefits directly from Rothesay, or transfer the value of your Rothesay benefits to another pension arrangement.
You can usually choose to take your benefits earlier or later than your normal retirement date (NRD) if you want to.
Taking your pension benefits directly from Rothesay
The options available to you will depend on your policy. The 3 most common options are shown below.
Option 1 Full pension
Option 2 Lump sum and reduced pension
Option 3 Lump sum only (in special cases)
As you approach your normal retirement date, we will send you an options pack which explains your options in more detail. If you are over 55 and wish to start taking your benefits in the next few months, please contact us to request a pack.
Transferring to another pension arrangement
For the majority of our policyholders, taking pension benefits directly from Rothesay is likely to be the right approach. However, if you are under 65 and have not started taking your benefits, you may be able to access additional choice and flexibility by transferring to another pension arrangement.
Why do this?
If you transfer the value of your policy to a defined contribution (DC) arrangement, you could gain access to additional options that may suit your personal and financial circumstances.
Please bear in mind that the Financial Conduct Authority (FCA) and The Pensions Regulator advise that keeping a stable pension income is the best approach for most people.
Know your options
The government introduced new ‘Pension Freedoms’ in April 2015, to give people more options in how they use their DC pension savings (often referred to as a 'pension pot').
Consider taking financial advice
We strongly recommend you consider taking financial advice from an adviser authorised by the FCA. If you do not have a financial adviser, MoneyHelper's 'Find a retirement adviser' tool can help you find one.