Unsecured Pensions | Pension Transfers, Financial Advice Scotland

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Last updated by William at October 2, 2013.

Is a Flexible Annuity Better Than Drawdown?

With many more options available now to provide you with income in retirement it really is important that you get proper independent financial advice to help you choose wisely the best product suited to you.

One product which has been around for some time and is maybe just now getting due prominence is the Flexible Annuity – and it’s certainly worth considering it as you begin your retirement planning.

The definition of a Flexible Annuity is really quite straightforward:

It is an annuity and not an Unsecured Pension (sometimes also known as drawdown), so it falls under annuity regulation.
It is flexible, which means that your income can be set and varied between a minimum and maximum level income limit, generally at a timing to suit you.

Unsecured Pensions (USPs) – Good, Bad or Ugly?

April 6, 2006 was known as A-Day whereby the Government introduced a long overdue overhaul of pensions legislation in order to simplify our current system. A-Day affected anyone with a personal or company pension (more on A-Day in a different article).

This legislation created what are known as Unsecured Pensions and Alternatively Unsecured Pensions. Today we are going to take a closer look at the benefits and drawbacks of what these new forms of pensions are. They are often also known as “income withdrawal”.