Probably not applicable in this case but be aware that from April 7th next year [ 2015 ] you will have the option to accept all of your private pension as a lump sum instead of the current 25% tax free lump sum and the rest going into buying an annuity.
Tax at usually 20% will be payable on the 75% balance and could go higher depending on your circumstances.
I can't wait as I have a Barclays pension that isn't worth the paper it's written on and for me to even get back what I have paid in, let along what it is worth I will have to live to 92.