What happens if I re-invest my money in a retirement annuity when I change jobs?

No tax is payable
You cannot make any withdrawals until you retire (minimum retirement age is usually 55)
You can cash some of your savings, but you may have to pay tax on the cash you take
You are also responsible for your decisions. You choose your financial service providers and investment managers. You can transfer your savings at any time to another provider or asset manager
You can make ongoing additional contributions with possible tax benefits
Costs will vary a lot between different providers. Your ability to negotiate may be limited. Greater flexibility usually comes at a greater cost
Minimum requirements will vary between different providers