Buy an annuity with one or more pension funds that you've built up, or with a lump sum from your savings. An annuity offers you a regular retirement income guaranteed for the rest of your life.
Instead of buying an annuity you might want the flexibility of income drawdown from a Self Invested Personal Pension (SIPP). You can usually take income drawdown from Standard Life's SIPP if you have a pension fund of £50,000 or more.
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