Move fund to safety?

snowlaser

If you are minded to lock into the current position, but defer the actual annuity purchase to next year then consider changing your investment strategy to match what you actually want to do.

For example, do you want to take the 25% tax free PCLS and buy an annuity with the other 75%?

Then you should move 25% to cash, and for the other 75% you could have some sort of mixture of fixed interest gilts, index-linked gilts and corporate bonds to match the type of annuity you want to buy.  Some pension providers even have funds deliberately created for people looking to buy an annuity in the near future to invest in that broadly matches annuity prices.