Most people save for retirement using three different types of savings plans:
Old-age savings
You receive your old-age savings as a lump sum payment or in smaller amounts if you do not need the entire amount all at once.
You are not required to pay taxes on the money you receive.
Annuity pension
You receive a monthly amount when you retire. You decide the time period over which the annuity pension is paid out. This can range between 10 and 30 years. However, the final payout must be paid out no later than 30 years after your earliest retirement age
You are required to pay taxes on the money you receive.
Lifetime pension
You receive a monthly amount when you retire and for as long as you live.
You are required to pay taxes on the money you receive.
Read more about the three types of savings plans