The UK retirement market is home to a diverse and growing range of products. These products provide different benefits, different levels of financial freedom and security and they come at a wide range of prices. Milliman has carried out a unique quantitiative review of guarantees under an extensive set of different economic and market conditions. We modelled the main types of income guarantees currently offered in the UK retirement market to find out how much customers really stand to benefit from the guarantees that they are paying for.