When you get to retirement age you can either purchase an annuity (i.e. an income for life) or use the value of your fund to provide an income within certain limits.

BBC: purse and cash

The rest can usually either be used to buy an annuity (an income for life that will depend on your age, the value of your pension fund, and annuity rates payable at the time) or to provide an income via what is known as 'drawdown'.

BBC: Fergus Muirhead

For those whose income was only ever enough to fund their subsistence, it has meant being priced out of life.

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