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Approaching retirement

No one really knows what the future holds but understanding your pension choices will help you get the most from your retirement and make the money you’ve got last for the rest of your lifetime.

There’s no rush to decide and you can leave your pension untouched for as long as you like.

How can I use the money in my pension pot?

There are three ways to take your money from your pension:

  • Take a bit at a time (known as drawdown)
  • Take it all in one go
  • Buy a regular, guaranteed income (an annuity)

You can choose a combination of these or mix and match them over time. This short video explains these options in more detail.

Saving for retirement

If you’re saving for retirement a pension is a good place to start.

Saving for retirement