I reached retifement age (65) in May 2013, and was persuaded by an intermediary to purchase a 5 year 'Fixed Term Annuity'.

After taking my 25% tax free lump sum and the intermediary pocketing his fee of approx 2,500 I was left with a pot of 97,500 which has been paying me a yearly annuity of 5,038 gross (4,400) after tax. With the benefit of hindsight I now realise that what I entered into was similiar to drawdown but without the ability to choose my own investments. At the end of the term (May 2018) I will have a guaranteed maturity amount of 75,756.

I do not want to take out another fixed term annuity next year, and my question is can I simply transfer to another drawdown provider and make my own investment decisions?

My wife and I will have a combined income of approx. 28000 p.a. made up of state pensions and equity ISA,s. which is sufficient for our needs, so the requirement to drawdown will not be excessive.

I have been thinking about investing the guaranteed maturity amount in Investment Trusts rather than Unit Trusts & OEIC,s which I have used to build my ISA portfolio so far, in the hope of keeping costs down.

I would appreciate any ideas that would give a mixture of income & growth, with fairly low maintenance.As I have no experience of Investment Trusts, although I am researching the financial web sites, I would still like some guidance from more experienced forum members.