There are a variety of options available at retirement:
Flexible access drawdown – choose to take any amount whenever you like as lump sums, income, or a combination of both.
Take some or all of your pension pot as a lump sum.
Purchase an annuity – buy a guaranteed regular income for the rest of your life.
The options available to you will depend on the type of pension plan you have. Seeking financial advice can be vital at this time to ensure all of your options have been considered.