Retirement savings scheme, annuity pension, terminable annuity or life annuity? You may wish to have all your pension savings paid out the day you retire. Or you may prefer a pension scheme that gives you a fixed income and regular monthly payments over a number of years.
Retirement savings scheme
With a retirement savings scheme, you can choose whether you want the money disbursed as a lump sum or in smaller portions over a period of up to 15 years when you retire.
With an annuity pension, you will get a savings scheme that ensures regular disbursements for a period of 10-25 years when you retire.
If you want a fixed monthly income for as long as you live, you should choose a life annuity scheme. A life annuity may to some extent replace your salary income, when you are no longer in work.