Although the company that you invested your pension fund with may offer an annuity, it may not pay the best rate in the market. Different life insurance companies offer different rates on their annuities, which can make a huge difference to the income you will ultimately receive. In some instances, the income on offer from different companies can vary by as much as 20% or more.

Every penny counts and it makes sense to consider an annuity which will offer the best possible income.

You also need to consider what products and options you want as each company will vary what they offer.