Your pension scheme pays your pension pot to an insurance company to buy an annuity contract. They will pay your pension to you for the rest of your life.
Fixed Term Annuity
Choice of some of the best features of both annuities and drawdown pension, without the investment risks or lifetime income commitments.
Providing you’re comfortable with the fact that with an investment-linked annuity the income you receive can go down as well as up they can be advantageous.