The Open Market Option
Just before you are due to retire you will receive information from your current pension provider, or
providers, outlining details of your pension fund(s) and anticipated value(s). This will also include a quotation on an annuity that details the annual income they are prepared to offer you.
The quote is your chance to use the Open Market Option and shop around to get the best possible income
in retirement. It will let you compare which annuity provider is offering the best deal to meet your particular circumstances.
Did you know that 65% of people still purchase annuities from the provider that they have also saved their pension with. (Source: Reuters)
The large majority of these policy holders do not realise that they can choose whichever annuity provider they wish, to receive the highest income for the future. This can obviously make a huge difference to your lifestyle with the amount of income you receive.
Obviously the most time consuming element to this exercise, for you, is the research into all the various quotations that all the major providers offer. Alternatively you can use our free no-obligation quotation service which will put you in touch with a financial advisor who will advise you on annuity products and rates on the market today and may help find you better rates for your circumstances.
It’s important to understand that annuities offer a range of options and benefits to suit your needs. Read our guide to understand the various options available >
