Pension Statment Questions

In the 80s I started a pension paying only £200 a year by direct debit and never altered it or bothered with it now with 2 years to claiming they have sent a statement that says the projected fund value could be £25700 with a annuity guarantee of £2520 per year if I don't take a lump sum guaranteed for 5 years. Without the guarantee £1070 per year


To me that looks good is it? After 5 years what happens?