YOUR OPTIONS WHEN YOU RETIRE
You can use the money you have built up in your pension fund in a number of different ways as detailed below:
RETIREMENT LUMP SUM
You can take 25% of your pension fund as a retirement lump sum. You may be able to take some or all of this retirement lump sum tax-free.
Alternatively you may be able to take a tax free lump sum calculated based on your salary and service (company pensions only).
The balance of the fund can then be used for one or more of the following.
1. Buy a pension for life (otherwise known as an annuity)
2. Invest in an Approved Retirement Fund (ARF) or Approved Minimum Retirement Fund (AMRF)