Putting it another way; are you planning to retire during 2009 and considering a pension annuity as a vehicle to provide your valuable retirement income? If the answer to this is ‘yes’, start looking at your options now and ask yourself some questions:
Do you want to spend your reduced pension fund on a pension annuity?
Might you be better off by not committing to an annuity just yet, perhaps by opting for a contract such as income drawdown instead?
If you are going to go for an annuity, are you sure you can find the best annuity rates for your circumstances?
Are you sure you know enough about what is available to you? Have you sought advice?
There are more questions, I am sure, but the main thing is that you give yourself time and get a specialist working alongside you. The right choice of retirement income could be worth a lot to you in your years in retirement.