The policy is basically a savings contract, which is designed to provide an income for life from retirement, with an option to take the lump sum elsewhere to buy the annuity, provided it is permitted by the prevailing regulations.

Your commitment: You agree to pay a single premium or level premiums with installments due every quarter, half-year or year throughout the deferment period of the policy, after which you will start receiving your pension.

Can I take the notional lump sum as cash on retirement?
Subject to the prevailing legislation and regulations, part of this can be taken as a lumpsum and the rest used to buy an immediate annuity.