What should I ask before transferring a small pension to an annuity?

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I have a small pension, that I'm going to transfer to an annuity taking an annual sum (less than tax threashold, so don't need to pay tax) for next few years. The insurance company that has the pension pot don't do annuities, so I'll have to transfer. I plan to take 25% tax free that I can to start with.

What questions should I be asking? I know current value, I will obviously check what it is when I take. Then on transferring, I'll check if I can take the annual payments I want, if there's a death benefit if I've already taken some of the funds and if there's any particular funds that might be better to invest in.

Make sure you declare any health issues which might shorten your life as this can improve the rate. And make sure you get quotes for an index linked annuity - you may be disappointed by what you’ll get but if you go for fixed rate it could be worth two fifths of bugger all in a few years time.

Have you had your free session with Pension wise?

Don't forget, you can usually take 25% tax free from your pension pot, so check that.

Will the payment increase with inflation? If so, on what basis? This is really key and makes a huge difference to the amount you will get.

Any spousal element (if relevant)?

I'm not a financial adviser.
Is it the only pension pot that you have? Would it suit you to transfer it to another pot i.e. bundle the two together.
Definitely speak to Pensionwise.

What questions should I be asking?
What are the fees!?

I think you may be getting confused between annuities and drawdown.

You exchange your fund to buy an annuity, a guaranteed income for life. You will no longer be invested and have no flexibility if your income needs change.

Drawdown allows you to stay invested and withdraw how much you need/want.

Thanks for your replies. I spoke to Pensionwise a while ago, but can't find my notes.

I'll definitely make it clear what I want, and thanks for suggestions of points I should take into account.

OP, here is another tip:

If you want to use flexible withdrawals during a time when you have no income to use up your personal allowance, you should not take all tax-free cash now but preserve this for later when you are a taxpayer again.

https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/guaranteed-retirement-income-annuities-explainedn