Last 5 years of Pension

xylophone

Unless it is index linked it is very poor.

Nevertheless, the OP (I think now aged 55) is going to need to take the appropriate advice if he wants to move the GAR pension into a SIPP before age 60 ( GAR age on his policy).

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf



The benefits are safeguarded even if the guaranteed annuity rate promised is below the rates currently being offered on the open market. This is because the open market rates may fall below the guaranteed annuity rate before the guarantee expires.

A pension plan with a GAR that expires at a specific point in the future (for example when the member turns 60) is a safeguarded benefit until the GAR expires. A pension plan with multiple GARs expiring at different specific points in the future is a safeguarded benefit until all the GARs have expired, at which point it ceases to be safeguarded, provided that there are no other safeguards attaching to the benefits.’