Hi Andy, you are in the same boat as me. I have three choices:

1. Wait a few more years until I actually retire

2. Take up to 25% Tax free, but if i do that I have to start taking my pension now

3. Take 100% as a Lump sum 25% Tax Free.

May I suggest you contact a Company called "Just Retirement" who will give you a personal illustration of whatever you request. There is also a Guaranteed Term for your Pension to be paid for up to 10 Years so, if you die, then your Pension will be paid to whoever you wish for the Selected Term up to 10 years. And then there is an Enhanced Option whereby, if you have some medical condition, your Pension may be valued at £2,500 per year without the medical condition. But with the medical condition, it would be worth an enhanced £3.000 per year. This Company will give you an illustration for whatever you request.

Basically mate, from April it's entirely up to you, it's your money and you decide what you want to do with it. My one concern is, if I take mine as a Lump Sum, how will it affect my pension in years to come i.e., will I still get my full State Pension? Bearing in mind, I may be in the Philippines.

It really comes down to what's the value of the Annuity. If it's only small and worth approximately £1,000 per year pension, then I suggest it's better to take the lump sum of probably £10,000+ which may help with more immediate needs.

A final thing. If you are already drawing a Pension, then so far as I am aware, then it's too late - the decision has been made and cannot at the present time be reversed.

I hope this is some help for you, and maybe others on the forum.