You don’t have to choose just one of these options, you can choose to mix different options. This can give you flexibility to suit different needs at different times during your retirement.
For example, you could use one option at the beginning of your retirement – such as flexible retirement income. And you can use another option later – such as an annuity to get a guaranteed retirement income.
If you have a large pot, you might be able to split it to provide some guaranteed retirement income and leave some invested.
If you have more than one pension pot, you could choose different options for each pot.
You can also keep saving into a pension if you want, and get tax relief up to age 75.
Some providers offer products that mix two or more options.