You have plenty of options open to you when you retire.  Here’s a run down of some of the main ones:

You can swap your pension fund into a lifetime income by buying an annuity. This is where at least 75% of your pension fund is traded in for a regular income that is typically paid to you until death. 

 You could decide to go income drawdown until you reach the age of 75 when government laws mean that you have to exchange your pension fund into an annuity.

An income drawdown lets you take out money from your pension fund directly with the balance of the fund continuing to remain invested.
 
The value of your pension fund once you retire will depend on two main factors:

1. How much you invested into your policy

2. How your policy has performed in the market

Your pension provider should send you an annual forecast telling you what your fund is worth and how much you can expect your fund to be worth when you retire if you continue to invest the same amount into your fund each year.