The best annuity rates for your retirement years will probably be found by using the open market option. The open market option gives you the right to take your pension fund and search the entire annuityproviders to get the best annuity rates.
There are big differences between the worst pension you can get for your pension fund and the best pension you can get, these differences can be 15-20% which means you could be missing out on an extra 20% of income each month in retirement. So on a pension of £800 per month with the worst provider you might get £1,000 or more with the best provider. Not many people would want to throw that sort of money away.
It is always worth exploring the open market option to find the best annuity rates no matter what the size of your pension fund.