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How can you use your pension savings to maximise your retirement income? What are the best options for you? Call 03700 100 444 between 1pm and 3.30pm on Wednesday or e-mail moneybox@bbc.co.uk.

The National Association of Pension Funds claim that savers are being short-changed by an unfair and opaque annuity system and that simply shopping around for an annuity could boost your annual pension income by 30%.

To help consumers the Association of British Insurers (ABI) has this month introduced a compulsory Code of Conduct on Retirement Choices, so what should happen as you approach retirement and what are the considerations?

When is the best time to take your pension and what are the benefits and risks of deferring?

How much can you take as a lump sum and will this reduce your future income?

What are the different types of annuity, are you entitled to a higher rate due to ill health or lifestyle and are you able to provide for a spouse, civil partner or a dependant?

Can you keep your pension fund invested and drawdown money? What are the rules and how much will it cost?

To better understand your retirement choices, call 03 700 100 444 on Wednesday, phone lines are open between 1pm and 3.30pm. Standard geographic charges apply. Calls from mobiles may be higher.

Presenter Vincent Duggleby will put your questions to the experts:

Billy Burrows, Director, Better Retirement Group
Michelle Cracknell, Group Commercial Director, Lift-Financial
Malcolm McLean, Consultant, Barnett Waddingham

Producer: Diane Richardson.

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