An annuity converts your pension into a guaranteed regular income for your lifetime. The income you get from an annuity is sometimes called the annuity rate.
Annuity rates can vary between providers, and you can choose the provider of your annuity.
There are many decisions to make at retirement and a range of retirement income products are available. Since the 2014 Budget, you have more flexibility in how you can take money from your pension. This section focuses on annuities and shows how and why rates can vary between providers, to give you an idea of what is available.
You should shop around for an annuity tailored to your needs and circumstances, so there are also some suggested next steps to help you find the best provider.