Drawdown or Annuity or both?

How you fund your retirement is your choice and there’s more than one way you can take your pension. Did you know that you could combine your retirement income products so you can have both flexibility and security? You don’t need to feel restricted to just one product, it doesn’t have to be an either/or decision.

Your pension drawdown gives you the flexibility to enjoy your retirement your way, but your pot might not last for as long as it needs to. And whilst leaving it invested gives it more chance to grow, as with any investment, there's a chance it could go down in value too.

Whereas, having a guaranteed income for a fixed term means you always know what you have coming in to cover the essentials. Guaranteed income can come in different sizes, you could take a Lifetime Annuity which will guarantee you an income for life or a fixed term plan which can buy you a guaranteed income for between three and 25 years. With all guaranteed income options once started you can't cancel them.