This year, over 500,000 people will reach state retirement age. Each person will face a very different retirement journey: many choose to work beyond this point, others have retired already. What they all have in common is the need to make difficult decisions about planning for, funding and managing their money in later life.
17 Jan 2020
To help people navigate this milestone, Emma Byron, Managing Director of Legal & General Retail Retirement, shares seven things to consider.
Emma Byron, Managing Director at Legal & General Retail Retirement Income: "The shape of retirement has changed dramatically. It’s no longer a single decision and people don’t necessarily switch immediately from working to not. Some continue to work, others go back to college, some start a business, and many take up a hobby. With people living longer and pension freedoms having brought more autonomy, those approaching retirement need to take time to consider what they want from this exciting chapter. As a starting point, it’s worth thinking about these 7seven considerations, and setting aside some time every week to think about what works for you and your family."
The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.
Buying our Pension Annuity is a once-and-for-all decision. The options a customer selects when they buy the annuity cannot be changed later on. Depending how long they live for, the total income paid to the customer may be less than the amount used to buy the annuity.
The annuity cannot be cashed in or surrendered at any time.
Legal & General’s lifetime Pension Annuity can be bought using the money from a pension pot. It will pay an income for the rest of the annuity holder’s life. To apply the applicant must be at least 55 years old and have at least £5,000 to invest after they’ve taken any tax-free cash they might want to withdraw from their pension pot.
Certain options may not be available and different options will be available if the applicant applies through an adviser or intermediary. If the pension plan includes any money from contracting out of the earnings-related part of the State Pension, there may be certain restrictions on how we can pay the income. We will show any restrictions that apply on the illustration.
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
Legal & General Retail Retirement’s mission is to help its customers lead longer, healthier, happier lives. We believe everyone should be able to have a ‘more colourful retirement’. The Division comprises the Group’s retirement savings and income, later life lending and care solutions businesses. In 2020, LGRR wrote £910 million of annuity premiums and issued £791 million of lifetime and retirement interest only mortgages.
*at 31 Jun 2021