If you have a pension fund, getting your income is not an automatic process. There are important decisions for you to make about how to use your pension fund to get the best possible income in retirement.

Here are a few things to think about receiving income in retirement:

1. How do I find out what type of pension I have?
   Not all pensions automatically provide you with an income in retirement. If you have a pension fund you will need to use the money in the fund to buy a product that will provide you with the income. To understand more about pension types read ‘Retirement information’ on the right.
2. What if I have contributed to several pension funds?
   It may be possible to combine these funds when you buy a product that will generate income for your retirement. This combined fund might provide a bigger income overall than each individual fund could have bought.
3. How do I convert my pension fund into income?
   You can place your pension fund with an annuity provider at the beginning of your retirement and they will pay you an income for the rest of your life (annuity) or you could withdraw an income from your fund (income drawdown). Use our ‘Retirement information’ and our annuities calculator to see how much you might get. You can also find out how much you think you might spend with our budget planner.
4. How do I get a guaranteed income for life?
   The only way to secure a guaranteed income for life is to buy an annuity. Whilst this option provides the security of knowing you’ll always have money coming in, the level of your income is not very flexible. You have to choose your annuity options at the outset and once you’ve bought it you can’t cash it in. Use our information in ‘Your retirement options’ on conventional annuities and annuity rates to help you.
5. How can I have a more flexible income?
   If you prefer to keep your pension invested, you can withdraw money when you need it (within limits), which gives you some flexibility over your income. This is known as income drawdown and you can find out more in ‘Your retirement options’.

What next?
If you’d like to find out more about what to do if you thought your pension automatically paid you an income at retirement, you can either follow the ‘next’ link at the bottom of the page, or, if you prefer you can use the links to information and tools on the right.