Why pension annuities are making a comeback – and expert advice on the best options for retirees

ECB rates are bad for mortgage seekers, but not for retirees seeking guaranteed incomes

If you want to maximise your pension's value, think of annuities. Photo: Getty

Gabrielle Monaghan

One of the biggest financial decisions you’ll ever make in your life is also the least sexiest: choosing between an annuity and an approved retirement fund (ARF) when you’re retiring.

When your retirement age beckons, you’ll typically be given the choice of using your pension fund to buy an annuity, which will guarantee you a fixed income for the rest of your life, or to reinvest the money in an ARF.