What payment options are available and how are they taxed?

When planning your retirement, you can choose from several withdrawal options:

• As a lump sum: You receive all the money in a single payment.
• As an annuity: Periodic payments (monthly, quarterly, etc.).
• Mixed withdrawal: A combination of the above options.

Regarding the taxation of withdrawals, the funds are taxed as employment income. It is possible to apply a 40% reduction to the benefits corresponding to contributions made before 2007 (subject to certain time-related conditions).