In terms of pension transfers annuities are used as a comparator to show what and how much a 'secure' income may cost in the future.

If this sounds a little abstract - don't worry - you're not alone!

Annuities still have their uses, especially if you shun investment risk or come from a family gifted with longer than average life expectancy.

Unfortunately, in a perverse interest rate environment (0.1% at time of recording) annuities just can't be attractive, or can they?