Annuity? Nah just give me the money

Another day...  Another incomprehensible pension statement in the post...   

This one offers me a staggering £1 and 2p a day to add to my state pension when I finally buy an annuity - Or £372 a year.   

There is they claim (inflation adjusted for 2038) £15300 in the fund.  They expect me to retire at 65.  If I live to the average male lifespan of 80 years that will mean the annuity would pay out a total £5,580 – about 1/3 of money I have amassed in it.   

I think I see a pattern emerging.  All these plans when it comes to buying an annuity only offer you about a third of the total in the pot.  Clearly this is because of the enormous risk that I should live to be 106 at which point Fidelity would start losing money.  If I assure them that I drink heavily and smoke large Cuban cigars might they perhaps accept that this is unrealistic and let me have some of the £9720 they’re unlikely to pay out before I pop my clogs.  These pensions seem to me to be a licence for financial institutions to accrue cash they never have to part with.