My choices at retirement
You can normally choose to exchange some of your pension for a single lump sum payment. This lump sum is normally tax-free, and current legislation allows you to exchange a maximum of about 25% of your pension for a lump sum.
Current legislation allows members in defined contribution arrangements more options at retirement. To take advantage of these additional options, your benefits would need to be transferred-out of the Nationwide Pension Fund. Please see the Transferring out page for more information.