As you approach your retirement, you have options regarding your Rothesay policy. You can either retire with Rothesay, or transfer the value of your Rothesay benefits to another suitable pension arrangement.
Retiring with Rothesay
The three most common retirement 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 a retirement pack which explains your options in more detail. If you are over 55 and wish to retire in the next few months, please get in touch and ask us to send you one.
Transferring from Rothesay
For most policyholders, retiring with Rothesay will be the most suitable option. However, if you are under 65 and have not yet retired, you may be able to gain access to additional choice and flexibility by transferring to another suitable 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 defined contribution pension pot.
Get impartial advice
You should take financial advice from a FCA registered adviser if you are considering a transfer. The Money Advice Service (MAS) website has helpful information about what you should consider.
If you're interested in transferring, please contact us to request a transfer pack.
Watch our videos
See your options and get guidance about what to think about as you approach retirement.
Get independent support and advice
We recommend that policyholders get impartial advice to make informed decisions. Free government guidance is available from the three parts of the Money and Pensions Service (see below).
Provides money guides, tools and calculators to help you improve your finances
Also provides free and impartial guidance on choosing the right financial adviser for you.
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