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A Fin24.com user asks:
Our company pension fund is being wound up.
At 63, I now face a choice of what to do with my pension contributions paid over the years.
Do I buy into a retirement annuity scheme as a single premium, or invest in some other preservation fund?
Old Mutual responds:
The options you have will depend on whether, as part of the winding-up process, the employer is making alternative options available on a group level (ie where all employee reserves will be transferred to a new option), or whether the option to re-invest the retirement capital is being left to individual choice.
If you are given the choice of where to re-invest your retirement capital, you have the choice of a retirement annuity or a preservation fund. Each option has its strengths, and will depend on your personal needs and circumstances.
It is recommended that you contact your financial adviser or broker and complete a financial needs analysis on your retirement planning and preservation needs.
- Fin24.com