RETIREMENT ANNUITY POLICIES  With these you cannot retire before age 60.  It is possible to transfer to a personal pension and retire at any age from 50 onwards but then personal pension rules apply.  This may mean that your tax free cash entitlement is calculated in a different way (which may be less).  Retirement Annuity Policies are not subject to the pension cap and there are other differences between them and personal pensions so you should consider carefully or take advice before you do anything with a Retirement Annuity Policy.