Coyle Hamilton has published a bulletin on new retirement options for the self-employed and proprietary directors. October's Focus Update outlines in simple terms who can choose the new options, what they are and what happens to the balance of the pension fund.

Under the new regulations, the self-employed and proprietary directors may take up to 25 per cent of the entire pension fund as cash, tax-free. The balance of the fund can be used to purchase an annuity or invested in an Approved Retirement Fund (ARF).

There are restrictions on the amount that may be taken as taxed cash.