When you retire the following options are available to you

	a pension for the rest of your life using the whole of your Individual Account (Section 28(1)(b));
	or
	a tax-free lump sum of up to 25% of your Individual Account plus a reduced pension for the rest of your life using the balance of your Individual Account (Section 28(1)(a) and (b));
	or
	a pension for the rest of your life using not less than 75% of your Individual Account, deferring receipt of your tax-free lump sum to no later than age 75 (Section 28(4)); or
	or
	a tax-free lump sum of up to 25% of your Individual Account, deferring receipt of your pension from your normal retirement age to no later than age 75 (Section 28(4));
	or
	leave the whole of your Individual Account invested in the Scheme, and defer receipt of all benefits to no later than age 75 (Section 28(4)).

On your death after retirement

If you are married or cohabiting when you purchase your pension your spouse will receive a reduced pension from your death until they die (Section 31(3)).

If you have any dependants when you purchase your pension, they will receive a reduced pension from your death (or from your spouse’s death, if later) for life or until their dependency ceases (Section 31(4)).