If you prefer to keep your pension invested, you can withdraw some money at regular intervals to live on. This option is known as unsecured pension, income drawdown or pension fund withdrawal.

To ensure you don’t use up your money too quickly, there are limits on the amount you can withdraw. The advantages of this option are that you can make withdrawals when you need it and you have flexibility over the level of your income. But you need to be mindful that you are simply drawing down money to spend, so it could run out if you use this option over the long term.