Following the dramatic changes made to pensions legislation recently, Friends First is offering an alternative to annuity plans for the self-employed, certain categories of employed and directors who hold 20 per cent of the shares in their company.

The two new plans under the Retirement Options package are the Friends First Approved Retirement Fund (ARF) and the Friends First Approved Minimum Retirement Fund (AMRF). The plans allow retirees to withdraw up to 25 per cent of their fund tax free, while giving them some choice as to how their funds should be invested.