Happily there is far more flexibility now in how you take your pension, so you can arrange things in a way that suits you. You might be tempted to take a tax-free lump sum on retirement, but what effect will this have on your pension fund and income later in retirement? If you are not in a final salary scheme, you will more than likely secure your income by buying an annuity. Prices vary considerably, so shop around to get the best deal.
You could receive substantially more income if you are considered to be above-average risk. Would you prefer guaranteed or variable income? What about your dependents? Will they continue to receive income should you die? We can explain your options so you make informed choices about your retirement income.