Pension guides

If you have pension savings to access, the two options you’ll probably hear about most often are annuities and pension drawdown. But another way to turn your savings into income is Uncrystallised Funds Pension Lump Sums (UFPLS).

If you choose to buy an annuity with your pension savings, you will be offered an annuity rate, which determines how much income you receive. Your age, health, lifestyle, chosen options and underlying economic conditions all shape the rate and guaranteed income your pension can provide.

If you're getting close to retirement, one of the big questions on your mind is probably how to turn your pension pot into income. The two main options you'll come across are annuities and income drawdown.

An annuity offers peace of mind through regular, guaranteed retirement income. But that doesn’t mean that all annuities are the same. You can choose from a range of different annuity types, options and product features.

When you approach retirement and begin thinking about turning your pension savings into a guaranteed income with an annuity, one important term you might come across is the ‘open market option’.