Understanding your options may seem daunting but it doesn't have to be. Here are five questions you can ask yourself when considering your choices. The good news is you do not have to make any decisions alone. Access the free, impartial guidance set up by the Government or speak to a Financial Adviser.

1 Am I fully aware of the tax implications?
The decisions you make can have markedly different tax implications and you should consider these carefully before you choose.
2 Will my money last for the rest of my life?
If you decide not to buy an annuity, you will need to make sure you manage your money so that it lasts you for life.
3 What type of income is right for me?
How important is it that you guarantee your income for life? Would you like your income to increase each year to offset inflation? Do you need the flexibility to vary your income? These questions and others will help you decide what’s right for you.
4 How comfortable am I taking on investment risk?
If you still need to provide an income for your retirement, and don’t buy an annuity, what will you do with the money? Are you comfortable taking investment risk?
5 On death am I keen to pass on as much as I can to my dependants?
The treatment of your fund on death differs depending on the decisions you take.