You may already have an idea of how you want to take your pension benefits. However, it’s important to go back and review your situation before deciding. Your decision should be based on a number of things including your age and health, if you plan to stop working altogether or just reduce your hours, if you’ve got financial dependents and whether you’re looking for a fixed or flexible income.
You ought to consider how much you might need to spend in retirement and also think about if you plan to use any savings or assets you have outside of the pension. For example you might be considering downsizing your home.
To help you understand what income you will have in retirement it’s worth seeing what you might receive as part of the Basic State Pension. Do remember you won’t be able to take your State Pension until you’re in your mid to late 60’s.
Check your state pension here.