A "pension pot" refers to the amount of money saved or invested over time to support one's retirement. It is like a savings account for when you are older and no longer working. Full definition
But yes, if you assume guaranteed 5 % return on pension pot vs a cheap 5 - year fixed rate, the pension comes out ahead. (money.stackexchange.com)
Under the reforms, those with pension pots held in defined contribution pension schemes are no longer required to use it to buy an annuity at all. (politics.co.uk)
See your results and edit your pension age or contributions to see how this may affect your estimated pension pot size and income. (lv.com)