Belfast Telegraph

'I've various pots - I'll choose the mix that suits me'

By David Young

I'm 58 and retired as head of public relations at the University of Ulster in 2014. I have a pension from the Universities Superannnuation Scheme.

I am also due to receive a small personal pension I paid into during my decade as a freelance journalist. It's to kick in when I am 60 - but I understand I might be able to get at it a little earlier due to the current reforms.

I won't get any state pension until I am at least 67. I think the new flexibility will be helpful. But people will have to be careful. The money will have to last them a long time.

My USS pension is an annuity, but I'm thinking about taking the small private pension as a lump sum. I've worked out that I'd have to live another 50 years to exhaust the pot at the rate they are proposing to dole it out to me. If it's only going to pay out a few hundred pounds a year, I can pay that to myself - and have access to the full lump sum. Being prudent means being able to assess the options for making the best use of your savings and investment, and choosing the best investment mix for your circumstances.

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