This describes the freedom you have to shop around for a retirement income product that suits you. For example, taking a guaranteed regular income by using your pension savings to buy an annuity.
Different providers offer different rates, so you can shop around to find the one that’s right for you – like you do for your car or home insurance. You can also ask for estimates of how much income you’ll get from any company that offers annuities.
Also, MoneyHelper has an online tool to help you understand and compare annuities. You can input your own details and receive an illustration of the amount you might receive as an annuity.
More about your different options for taking your pension savings »
We’re not authorised to give you advice, but you can read more about your guidance and advice options on our website.