What will happen to DC pension savers who see life annuities as poor VFM but still want an income for life? Pooled annuity funds could offer them a decent lifetime income while reducing significantly the complex choices and risk inherent in income drawdown. They could be the next generation of CDC pension schemes, slotting into the existing DC framework as a post-retirement option. Results on how well a pooled annuity fund could pay out benefits, before any guarantees or risk mitigation actions are added, are presented. The results assume an open fund with a homogeneous membership. The ability of these funds to provide an integrated bequest upon death is also discussed.