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Use your pot to buy a guaranteed income for life – an annuity

You can normally withdraw up to a quarter (25%) of your pot as a one-off tax-free lump sum then convert the rest into a taxable income for life called an annuity. Some older policies may allow you to take more than 25% as tax-free cash - check with your pension provider.

There are different lifetime annuity options and features to choose from that affect how much income you would get.

You can also choose to provide an income for life for a dependent or other beneficiary after you die.