1. Ill-health annuity
Look for an ill-health annuity, which, even for minor health issues, will bump up your income significantly.
2. Temporary annuity
Purchase a temporary annuity for a short fixed period, with a view to buying an ill-health annuity should your health begin to fail.
3. Income drawdown
Income drawdown is now highly restrictive, but you might choose this solution in the hope that gilt yields improve.
4. Investment-backed annuity
An investment-backed annuity might work if you believe the investment climate will pick up, but it is best if you have other assets to fall back on should the underlying investments disappoint.
5. Scheme pensions
Convert to a scheme pension. This is almost always an attractive solution and is not impacted by gilt yield levels and restrictive legislation.
6. Work longer
Work longer to boost your pension fund and eventual payouts.