As you approach your retirement it's important that you choose the right Pension Annuity for you. Everybody's pension requirements are different so here at Annuities Shopper we search a number of leading Pension Annuity providers to find you their best rates.When you retire, the pension fund that you have been making regular payments into over the course of your working life does not automatically start paying you an income. In order to receive an income in retirement you have to buy a product which converts this lump sum into a regular income. The most common way is by buying a pension annuity.A Pension Annuity converts your pension savings into a pension income for your retirement. You can buy an annuity at any time between the ages of 55 and 75.Your Pension Annuity gives you a secure, guaranteed income for the rest of your life, no matter what happens with the stock market, or with interest rates. The amount you receive is calculated by the annuity provider and is based upon the value of your pension fund, your circumstances and health, and the options that you require. There is a facility to take up to 25% of the value of your pension fund as a Tax Free cash lump sum before the annuity is purchased.Choosing the right pension annuity requires careful consideration of the wider options available to you, particularly as most annuity providers do not subsequently allow you change your mind.There may be options available to you other than a pension annuity, including income drawdown or investment-linked annuities. Annuities Shopper does not offer these but we recommend that you seek specialist financial advice if you are interested in these options.