You can draw an income from the ‘pension bank account’ each year, but you do not have to take any income if you do not want to. You have the choice to turn this income drawdown on and off like a tap if your circumstances are changing. The maximum income available is roughly equivalent to 120% of the best annuity available. The maximum income amount is calculated based on your age, gender, fund size, gilt rates and government tables. It is re-calculated every 3 years as your circumstances change.