You don't have to buy an annuity now, do you?
But an annuity is the only guaranteed way to convert a lump sum, such as a defined contribution pension pot, into an income for life.
Draw down may appear to provide more generous pay outs, but there is no guarantee that your pot will not run out before, well, you do.
Ideally, you might have a mixture of annuity and drawdown, the annuity to augment your state pension to whatever you need to cover your basic costs and then drawdown for big ticket items such as the boiler breaking or a lovely holiday.
The part I don't quite understand is how to know what you can afford to draw down, given we don't know how long we have to live and what fists we may face in future.
We have been living with low inflation for some times now. Inflection can do easily erode whatever provision we have made for ourselves.
While my health lasts, I'm with those who prefer to work until we drop.