< Your retirement options

Cashing in on a life of saving

Henry's story

Could your money work harder?

Retirement’s coming – you’ve earnt it – and you don’t plan on this exciting new chapter in your life being any less of an adventure than the last.

Many of our customers have worked hard, stuck to a plan and been saving for their future for decades – but many don’t realise they could squeeze even more out of their later years by acting now to maximise their money.

what if I need care

Below, we’ve put together an example based on our customers, showing how our guidance can help people make the most of their pension pot.

Meet Henry – an accountant, age 56.

Henry’s worked as an accountant for a well-known firm for the past 35 years – he’s always been on top of his pension contributions and, as you’d expect, is very good with numbers.

Now, after decades of hopping from client meetings to coffee shops and back again, he’s ready to hang up his suit, retire to his property outside the city and reignite his childhood love of racing cars – goodbye commute.

Luckily enough, Henry’s retirement came just after the UK government brought in pension freedoms, so the options he had over his money gave him a lot of control.

His main ask was for flexibility. Since retiring, he’d spent a lot more time indulging his passion for motoring, but quickly found that being behind the wheel of a vintage car can incur some unexpected costs. 

A flexible income sounded ideal, so he took out income drawdown with us. This allows him to take money from his pension whenever he needs to – something that comes in handy when your tyre tread goes down rather more quickly than expected. Of course, with income drawdown, there’s the chance your money won’t last as long as you need it to as future income is not guaranteed . 

Always keen to stay on top of his money, Henry checks his investments regularly through MyAviva, just to make sure things are going as he’d expect, and that his investments match his income needs. If he decides a flexible income is no longer right for him, he’s free to change his mind at any time and take a different retirement option.

When he finally hangs up his racing gloves, Henry has his eye on a more steady and reliable income. Luckily, he can purchase a guaranteed income for life with our annuity. So as life changes, we’re here to help his plans change with him.

Financial advice

Need more help with your pension or retirement plan? Our financial advice support team can help you decide whether financial advice is right for you.

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