In reply to Flinticus:
Indeed, there is a lot to consider. My concern about the 'advised' Drawdown is the 3% setup charge (for the IFA) and the ongoing 0.5 - 1% annual review charges, that seems like a lot of charges compared to a 1 off 1% charge for a simple annuity.
And, if I choose an annuity, can I arrange it directly to avoid paying 1% of my entire (such as it is) pension fund?