I would like to have the flexibility to vary my pension income to suit my changing needs in retirement

While annuities provide a secure lifetime income, usually the income remains the same throughout your life or it increases at a fixed rate (for example  3% a year)  or in line with an index such as the Retail Prices Index (RPI).

However, some people want or need to have more control over the level of income they receive. This might be, for example, because they need a higher pension income in the years before their state pension starts. Or someone who continues working on a part-time basis might not need their full pension , and would prefer to take a lower income until they fully retire. Often, people simply want more money in their pocket in the earlier retirement period while they have the health and enthusiasm to enjoy a more active lifestyle, for example foreign travel, and will need less money  in their later retirement years .

Annuities might not offer this flexibility, however there are other options that do, and if this is important to you then you should give this option high priority. 



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