Changes to pension regulations earlier this year mean it is now possible to withdraw the money that’s been squirreled away over the years in one lump sum.
What could be more fun than blowing the lot on a surfing trip to Hawaii or putting down a deposit on the first commercial space flight?
Unless, of course, you are among the growing number of people who will live to see 100, in which case you’ll need to save some of that cash to see you through a very long retirement.
But how do you calculate your chances of seeing out a century?
You could consult a gypsy fortune-teller, but the likelihood is your pension provider will have a better idea of how long you’ve got left to go tango dancing in Argentina, or fire walking in the Philippines, than anyone with a crystal ball and a hand-me-down headscarf.
The reason is that insurance and pension companies employ people who really can predict what lies ahead, and they don’t tend to have names like Madame Zara.
Instead, they are highly skilled individuals whose talents are in great demand not just here in Scotland but all around the world.
These experts with their sights set firmly on the future are called Actuaries and, if you want to be guaranteed a comfortable lifestyle and a secure retirement, then your best bet is to become one, because Actuaries are also among the highest paid of all professionals – not just in insurance but anywhere!
Student Actuaries earn around £36,000 a year and an annual salary of £200,000 is not uncommon for those at the top of the profession.
What will you have to do to get your hands on the cash?
Predict when a hurricane might hit Hamilton or if sea levels will ever rise sufficiently to cover Cumbrae, for starters.
Or how about working out what effect the current obesity crisis will have on mortality rates or the cost of insuring Andy Murray against breaking an arm?
Actuaries know more about risk than Bear Grylls and Ray Mears combined and they do it by statistical modeling that works out the balance of probabilities to predict the most likely outcome.
That’s how they work out the probable age at which a certain group in the population will pass over, or how likely it is that the Morrison family from Motherwell will miss their cruise ship when it docks for the day in Sorrento and have to claim for flights to its next port of call.
All of these events have a big impact on the insurance and pension industry. This means, too, that the companies who provide these services rely heavily on the opinions of Actuaries when deciding what to charge for their policies.
So you can bet your life they’re always going to be in high demand.
For all the latest jobs with top insurance employers, search s1jobs.