Should I buy an annuity now that my pension pot has fallen in value, or wait?

There isn’t a one‑size‑fits‑all answer. Annuity income depends on both annuity rates and the value of your pension pot. If markets have fallen, locking in today could mean a lower starting income, but annuities can still offer valuable certainty and peace of mind. You may end up waiting a long while for markets to recover, by which point annuity rates may have fallen themselves. Some people choose to wait, or only annuitise part of their pension, to keep flexibility.