Having an annuity plan would make your financial situation during your retirement easier to handle, especially when you would be unable to work again and earn regular income. And it pays to be prepared for such matters, with the worldwide economic collapse that had occurred a year back to remind us so.
Pension annuities would provide you regular income until you die, guaranteed to give you the finances you need to enjoy your retirement and settle your affairs until that time. The annuity rates depend on several factors, such as: your age, gender, address, lifestyle, and maybe even your risk tolerance.
There are also other things you need to decide for when selecting contracts for an annuity purchase. Some of these things include how often do you want to receive your payments, and if you want your family members to receive the remaining payments in case you die.
If you want to have an annuity plan other than the rate that is default prescribed for you, then make use of the open market option so you could shop around for a better contract. With modern technology and connections, you could do easy research of the many available issuing companies in your local area that would provide for your financial needs.