When you reach retirement, you have the option to receive an income from your pension plan, which can either replace or supplement your pay. You will receive notice from your pension scheme provider who will guide you through the process and help you make a decision on how you want to receive your pension income.

and receive a regular income or take a lump sum payment. You'll receive 25% of the funds tax-free and the rest will be taxed at your marginal rate. However, the exact amount and way in which you can access your private pension funds will depend on the specific pension plan you have and the rules that govern it. It's important to thoroughly understand the options available to you before making any decisions regarding your pension funds.

The State Pension is a regular income paid to eligible individuals once they reach their State Pension age. The payment is made directly into a bank account on a specific day of the month, determined by the recipient's National Insurance contributions. It is a predictable and secure source of income in retirement.

A good financial adviser can help you plan for your retirement by considering all of your sources of income and helping you create a comprehensive plan that meets your needs and goals. This may involve looking at various retirement income sources, such as workplace pensions, private pensions, savings, investments, and any other assets, as well as estimating your expenses and creating a budget. By doing so, they can help you ensure that you have enough money to support yourself in retirement and reach your financial goals.