Annuities were never the most popular of options for retirees. Often seen as inflexible and poor value, many were bought begrudgingly by people who thought they had no other option.
Since Pension Freedom was introduced, the number of Annuities being bought has dropped significantly. Figures from Retirement Advantage show that around 180,000 have been bought over the past two years.
Despite a fall in popularity, there are still many reasons why an Annuity might be the right way of turning your pension into an income:
1.You want a guaranteed income, which ...