Our retirement income guide explains what your options are when you to retire from work and how you can make the most out of your pension. A pension is a way of saving for your retirement. Hopefully by the time you retire you'll have built up a substantial pot. At that point, you have to turn it into an income.
You can exchange your savings for a guaranteed income that will be paid out for the rest of your days - it's predictable and steady. This is called an annuity. Essentially, you buy yourself a paycheque.
Or you can reinvest your savings in funds, with the intention of living off the investment and the returns it makes (an ARF - Approved Retirement Fund). Funds fluctuate in value, so you'll have to plan carefully so that your savings last as long as you need them to.
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