Finding the best pension annuities at retirement can make a huge difference to your retirement income. Do not just accept the rate from your pension provider. You can use the open market option to find the best pension annuity rates.
The ‘open market option’ is your right to take your accumulated pension fund to another annuity provider to buy an annuity.
Do You Qualify for Enhanced Pension Annuity Rates?
60%* of retirees could qualify for enhanced pension annuities. You could be one of them. Enhanced pension annuity rates are given to those that have some form of lifestyle or medical condition that could affect their life expectancy. For those that are buying a continuing pension for a partner, then both lives can be underwritten to see if they qualify for enhanced pension annuities.
Pension Annuities Quotes
We have explained that the best pension annuities quotes will come from using the open market option where you search the entire annuity market to find the best rates. You should never just automatically accept the quotes given to you by the pension company you saved with. They may have the best pension annuity rates, but unless you get at least one other quote you will never know.
Pension Annuities Best Buy Tables
There are many places on the web now where you can find annuity best buy tables or an annuities calculator to help you find out how much income you might get from your savings. Once you have used the calculator or tables to help you find the best pension annuity rates then you need to seek independent financial advice.
*Source: Just Retirement, July 2010