Instead of going for the encashment of entire pension funds you have, you can invest the entire amount to earn some fixed or phased income.  When you make such investments you can earn higher income compared to the time when you buy the annuities.  However the maximum the income can be earned in this process will be around twenty percent more than what you earn by buying annuities. When the investments are good, the income will also be better.  When you die, the balance fund will pass on to your dependants or family members irrespective of your making a will. This method is known as the unsecured pension drawdown. 

The other method is the phased income drawdown.  In this case, a part of your pension benefits are moved and converted to unsecured pension like buying a life insurance policy.  It will give you an initial lump sum and a regular income. The balance will be available to you so that you can earn future benefits. You can modify the investments when you wish to do so.  Your financial and personal circumstances may change and the benefits could be tailor made to fit in such changed circumstances. 

Benefits of such self invested personal pensions for fixed or phased income are that the death benefits are better than the normal pension benefits. Though the conventional annuity plan is the most common and straightforward option, planning for fixed or phased income with a lump sum could be better option in many circumstances.