When I retire do I have to take a lump sum payment?

No you don’t. You have two other options:

  1. You can defer payment of all or part of your benefit for as long as you like. If you choose this option then the Trustees will continue to invest your savings for you but you can make part withdrawals from time-to-time including regular monthly withdrawals
  2. You can use all or part of your benefits to buy a pension from the Fund which will be paid to you for the rest of your life