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The rules are complicated and subject to change, but basically:
You can take up to 25% of the money as a cash lump sum and buy an annuity with the rest. An annuity is a bit like a reverse life insurance policy that pays out a fixed amount every month for the rest of your life.
The amount paid out by an annuity depends on the age at which you retire and your health. A £100,000 bought at age 65 currently gets you about £2,800 per year adjusted for inflation. That amount is likely to fall as life expectancies increase. Your million pound pension pot should provide a comfortable retirement, but it won't make you rich.
You can just take money from your pension fund (drawdown), but that's a risky strategy as you could run out of money.