For most people, the Normal Retirement Age under the Citigroup Global Markets Ltd Pension & Life Assurance Scheme is 60 (you might find it's 65 for you - check on MyCitiPension if you're not sure).

Once you reach age 55, you have two options within the CGML Scheme:

1. You can take your entire pension savings as a single cash sum. 25% of this amount is tax-free, and the remainder will be taxed at your normal income tax rate.
2. You could also take a tax-free cash sum of up to 25% of your pension account and then use the balance to buy an annuity to provide an income for life. Again, the income is taxed at your normal income tax rate.

You also have the option to transfer the value of your pension account to an external provider.This can give you greater flexibility and will enable you to:

1. Take a tax-free cash sum of up to 25% and invest the rest in a “flexi-access” drawdown arrangement. This means that you can make later future withdrawals when you wish. These will be taxed at your normal income tax rate. If you wish, you can also use some of this money to buy an annuity (income for life), either immediately or at a later date.
2. Leave your account invested and take money out as one or more lump sums, where 25% of each lump sum will be tax free and the rest taxed at your marginal income tax rate. This is the option that is often described as treating your pension fund like a bank account. The technical name for this, which you may see used, is an Uncrystallised Funds Pension Lump Sum (UFPLS).