One benefit of an annuity is that the income is guaranteed for the life of the client, no matter how long that may be.

Accessing pension funds in a flexible manner could result in the funds being exhausted before the client dies.

As a result the adviser must consider the longevity of the pension and the possible mortality of the client.

It is more useful to look at the probability of surviving to various ages, e.g. a male aged 65 in average health has a 75% chance of surviving to age 83, a 50% chance of surviving to age 90 and a 25% chance of surviving to age 96.