When should I buy an annuity?

You don't have to buy an annuity when you reach the retirement age shown on your pension plan. You may be able to continue working full or part-time and make extra payments into your pension pot, or you can just leave your fund invested while you make a decision. The Government has changed the minimum retirement age to 50 for all pension plans. Then, from 6 April 2010, to 55. Regardless of the type of pension you have, you don't have to stop working to take income from your pension. However, if you decide to take any Tax Free Cash, you must do this before you're 75th birthday.