The rest can usually either be used to buy an annuity (an income for life that will depend on your age, the value of your pension fund, and annuity rates payable at the time) or to provide an income via what is known as 'drawdown'.
Comerica is a bank holding company with businesses that engage in corporate and consumer lending, mortgage loans, small business and individual banking, and mutual fund and annuity products.
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Another reason may be that buying a pension annuity with the workplace pension fund built up over past decades is looking particularly unattractive at current rates.
The second fee structure is a commission model under which the adviser is paid for selling a particular investment product, like a mutual fund or an annuity.
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Expensive, poor performing variable annuity insurance products dominate this niche that many mutual fund companies seemly ignore.
Others build up a pension fund which can be used to buy an annuity.
While it has a 15% market share in traditional fixed-annuity life insurance products, it has less than 2% of Germany's mutual fund market-and virtually nothing in equity-linked variable annuities.
If you decide to purchase an annuity then you should remember that you can purchase your annuity from any company on the market and not just the company that your current pension fund is with, so again you may need to take advice to help seek out the best rates.
You can usually take some of the fund as a lump sum but the rest must normally be used to buy an annuity.
When you get to retirement age you can either purchase an annuity (i.e. an income for life) or use the value of your fund to provide an income within certain limits.
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