I don’t understand how I can take back my pension contributions under this relatively recent contributory system. I read I can go for programmed withdrawal or an annuity. How does the annuity work?
when you retire, you are entitled to take 25 per cent of your pension fund as a lump sum and either settle for a programmed withdrawal or buy an annuity with the balance in your pension pot. If you decide to buy an annuity, an insurance company will give you an annual income for the rest of your life in return for the balance of your contributions after you have taken the lump sum. - PenCom
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