An annuity is a way to receive guaranteed income.
You can choose to receive an annuity income for a fixed period or the rest of your life. There are a range of different options to explore, as well as the frequency of payments. You also might be eligible for an 'enhanced' annuity, these tend to offer a higher income if you have specified health problems.
Once purchased, you can't make changes at a later date or draw more income from them, so consider all of your options for your circumstances so you can make the right decision.
Read more information on Annuities.