In contrast to the purchase of a lifetime annuity, placing your accrued pension fund into drawdown is not a ‘once and done’ exercise.
Whilst the former provides the annuitant with a known source of income for the rest of their life, a drawdown arrangement is a flexible financial planning vehicle that can adapt to changes in retirement income needs at different stages of later life.
"The need to maintain its ‘fitness for purpose’ – potentially over several decades – is therefore vital, and best achieved via regular reviews."
We look at the key aspects to be considered at each review, and the reasons why.
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