Drawing down pension

xylophone

What’s a safeguarded benefit?

Second link in my post above.

jamesd

In drawdown you can also use part of that pot to buy one or more annuities either early or when you're older.

If buying an annuity you shouldn't just buy from whoever Prudential suggests. The amount of income per Pound spent buying the annuity is different between different providers.

There is one possible big exception: older plans may have a guaranteed annuity rate (GAR) that is higher than current market rates. Sometimes so high that the only sensible thing going to do is take that deal.