This is a great opportunity for those stuck with an annuity that does not meet their income needs.

Despite the recent pension freedoms, many people may still want to purchase an annuity to provide some certainty for a portion of their retirement income needs, say to cover recurring fixed costs for the first 10 years in retirement or to cover care costs from a defined age.

However, the annuity market is large with many providers and many different annuities on offer. So before individuals look to cash in existing annuities, they need to check their income needs, see whether they need an annuity and what type and then shop around to find the best one for their particular needs and circumstances.