Take professional advice and have all your options explained. From April 2015 you have complete freedom to access your pension pot. If you are aged 55 or over you could access your pension in one of four ways...
Take a guaranteed income for a fixed number of years - This allows you to keep your options open without being locked into a lifetime annuity. When the term ends you get a guaranteed amount back and you are free to shop around again for a new pension product or take your remaining pension pot as cash...
Cash Equivalent Transfer Values (CETV) guidance for trustees of occupational pension schemes providing defined benefits.