Assessing the options

There are three common questions I am asked when I meet IFAs: 'What is a scheme pension, why is it important and why don't I know about it?' For those reaching age 75, the income options are either to buy an annuity, go into alternatively secured pension (ASP) or choose a scheme pension. If an annuity is chosen, should it include a guarantee? The danger is that if the member lives past the guarantee date, then the cost of that guarantee is effectively wasted. Should the member buy a dependant's pension? There is the possibility that their spouse or civil partner dies before them, thus t...