What does 'crystalise my pension' mean?

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Question: What does 'crystalise my pension' mean?

Abridged Answer:

When I take the money it crystalises my pension. What does this mean? It's like cashing in shares. Once you cash in shares it defines the value of those shares. When you withdraw pension cash, the value of the pension is defined, or crystalised. You must then turn the remaining pension fund into an income.