One option that may suit many people upon retirement is using their pension savings to set up an income drawdown arrangement, we usually recommend a client considers this when they have over £100,000 in a pension fund.
Income drawdown allows the saver to take an income from the pension pot, without having to convert to an annuity. It also allows you to benefit from further market growth until such times as you take your savings out of the markets. To make use of an income drawdown facility you do require further pension advice, but if suitable is well worth considering.