Changes to UK Pension Rules. Advice Needed

As of today, UK pensioners can take all of our pension funds as a cash lump sum (subject to some tax). Previously, we were legally obliged to buy an annuity. (News Item)

The government is advising us to be very wary of some rogue advisors who may try to rob us or trick us out of our wealth..

So, my question is...

Do I put it on red or black?

$:o)

The best way is to keep the money earning interest provided the provider isn't taking too much in charges. Alternatively work out your life expectancy and the true pension you should get and then shop around. It is usually best to grab the 25% tax free bit. Personally I optimise for living longer so would go for an inflation based pension, as it starts out lower you pay less tax and make more if you live long enough.

Of course the best option, if you can, is to carry on earning money!

Quote: charliepatrick

The best way is to keep the money earning interest... Alternatively work out your life expectancy... It is usually best to grab the 25% tax free bit. Personally I optimise for living longer so would go for an inflation based pension....
Of course the best option, if you can, is to carry on earning money!

Cheers CP.
I do actually have a plan that involves retiring at 56, going senile at 80, but living to 90, like most males in my family, while still getting good income from my investments. Inflation linked for sure, because I'm old enough to remember when inflation and interest rates over 15% were the norm. Extra time being a degenerate gambler is in the equation ;o)