In all instances it pays to speak to the experts to get maximum value from any financial planning exercise.
We have recently taken on a new client who having built up in excess of £100000 in a pension fund wants now to take an income. Most policyholders, for convenience or more likely lack of knowledge will take the income offered by the pension company they have been building up the pension fund with.
In some cases it may be appropriate to move the pension fund to another provider as they may well offer better terms which will give a bigger income.
In the case where the pension holder unfortunately suffers a medical condition, such as diabetes, has had a heart attack or stroke or cancer then it is very likely possible to get an even bigger income, due solely as life expectancy is shorter.
For our client we have been able to secure an income 10% bigger than that offered by his existing pension provider as the client has an ongoing medical condition.