To summarise...

This option allows you some investment control - the segments which have been retained must remain invested, much as they did in the run up to retirement. We will consider investment in more detail later in this report. Once the annuity is purchased, this investment control is passed to the annuity provider.

This option allows for income tax planning - you decide the income you require to meet your liabilities and do not draw excess income. The appropriate number of segments will be encashed to achieve this. You will also draw the tax free cash from those segments, reducing the tax liability on the gross income, thereby increasing the proportionate net income.

Phased Retirement is complicated and requires thought, planning and management. You will need specialist financial advice, which we will provide.
Under this type of scheme, the Tax Free Cash is used to supplement the income and is not available as one large lump sum at the commencement of the plan. If you need those funds for a specific purpose, this may not then suit you.

If you require a high income now, this option will not suit, as it works on the basis of a low current income need, increasing over future years.

This option has had several names since its introduction. It has been called deferred annuity purchase, but is more regularly termed Drawdown. In the latest legislation HMRC have introduced the term Unsecured Pension. All three names are suitable to a certain extent.