Do I have to take an annuity?
- No, not necessarily. There are alternative options to buying a conventional lifetime annuity.
- When you decide to take benefits (the process of converting your pension pot in to an income), there are other options.
- Depending on the type of pension you have, you may be able to make this decision anytime from age 55.
- An annuity is usually regarded as the safest option and this is important. Even taking new retirement rules into account, we think most people will still find an annuity the best option.