Pension drawdown glossary
Your right to shop around for an annuity with any provider rather than taking the one your pension provider offers. Rates can differ widely, especially if you qualify for an enhanced annuity.
Source: MoneyHelper: annuities explained · Last reviewed 24 September 2026
See every term in the A–Z glossary. Definitions are general information for the 2026/27 tax year, not personal advice.
Important: The value of investments can fall as well as rise. You may get back less than you invest. Tax rules can change and benefits depend on individual circumstances. This is not financial advice.