There are a number of providers who for an extra charge offer a guaranteed income from your pension for life, regardless of the underlying fund value. Therefore your fund could fall to zero yet you may still be able to receive an income.
These types of contract also allow you to lock in any increase in your pension fund value at a predetermined regular interval (monthly, annually etc) They can also allow you to increase the level of your guaranteed income.
These types of contracts are a form of income drawdown and the details above regarding income drawdown generally apply to these contracts also.
Death benefits under the plans are a return of the initial investment less any guaranteed income, subject to a tax charge of 55%.