The only way to secure a guaranteed income for life is to buy an annuity. You pay a sum of money, either from your pension fund or a savings fund, to an annuity provider at the beginning of your retirement and they will pay you an income for the rest of your life.

Whilst this option provides the security of knowing you’ll always have money coming in, the level of your income is not very flexible. Once you’ve bought it you can’t cash it in.