1/3 Lump Sum Payout
You can withdraw a portion of your pension savings (up to one-third) as a tax-free lump sum. This can be used for immediate expenses or investments.
Retirement Annuity Purchase
The remaining two-thirds of your pension savings must be used to purchase an annuity. An annuity provides you with a regular income for the rest of your life.
Normal Retirement Age
The normal retirement age (NRA) ranges from 55 - 65. This may be defined as midnight on the last day of the month during which the member attains the NRA.