I just posed the question due to the Market being Topsy / Turvy the last few days ! I'm already drawing two pensions and working on a third before I call it quits . I have plenty of family whom will never get the Pension option only 401K' s - Lump Sum - , the thought of them buying an annuity just for stability is scary ! I worked in one place and the 403B adviser made the statement that for a small fee they would get me a more managed account with a possible better return , I asked the question " So the Fee comes out of the Gain and if no Gain No Fee ? " ( rude of me isn't it ) to which the advisor says " no it doesn't work like that " !