Annuities
You do not have to take the pension offered by the provider
with whom you have been investing until your retirement.
Indeed, it is in your best interests to shop around
to find which provider is offering the best annuity rates.
  
With the fund available you could purchase an annuity
which would provide an income guaranteed for life.
  
The various forms that an annuity could take are -
 
Level for life or increasing at 3%/5%/in line with RPI
Payable monthly/quarterly/half-yearly/yearly
In advance or in arrears
Without a guarantee, with a five year/ten year guarantee
With or without an income to your spouse.