It’s never too early to start saving for your retirement and it is a great way to save as you receive tax relief on your payments.  You can choose your level of risk and investment funds, which you can change at any time.  

When you retire you can either take 25% of the fund as a lump sum payment which is tax-free, or use the full amount to purchase an annuity which will provide you with a guaranteed income for your lifetime.

You are able to purchase your annuity fund between the ages of 55 and 75.  

You can choose a joint policy that will provide an income for your partner’s lifetime after your death but this will reduce your annual income.

The amount of income the annuity will provide will depend on your age or medical conditions.  The provider assumes that the older you are when you buy your annuity, the less amount of years they will have to pay you for.