Neither is universally better. Drawdown offers flexibility, continued investment and death benefits but no guarantees; an annuity guarantees income for life but is inflexible. Improved annuity rates mean a blend of the two now suits many retirees.

Generally no. Beyond the short statutory cancellation period, a lifetime annuity is permanent, which is why we compare the whole market and model the alternatives before you commit.

Yes, but once you take taxable income flexibly, the Money Purchase Annual Allowance limits money purchase contributions to £10,000 a year. Taking only tax-free cash does not trigger it.

Normally from age 55, rising to 57 on 6 April 2028. Offers to "unlock" your pension earlier are almost always scams. You do not have to take anything at 55; leaving the fund invested is often tax-efficient.

Remaining pension funds pass to your beneficiaries: tax free if you die before 75, taxed as their income if after. From 6 April 2027, unused pension funds will also normally count towards inheritance tax, with exemptions for spouses and civil partners. Reviewing your nominations and withdrawal strategy ahead of this change is strongly advisable.

Normally 25% of your pot can be taken tax free, up to the £268,275 Lump Sum Allowance. The rest is taxed as income at your marginal rate in the year you withdraw it, so spreading withdrawals across tax years often saves significant tax.