Dont loose out on your retirement, make sure you have the best annuity rates on the market. Make use of your open market option.
The majority of people reaching retirment age who have saved in a personal pension are not aware that they can use their pension savings to purchase an annuity making use of their open market option.
For example, you have a pension fund of £100,000 which you have built up over the years. You are soon to reach your selected retirement age and your existing pension company offer you an annuity income of £3,600 per annum. However if you get a quote from an independent financial adviser who may find that another company will offer you an income of £4,000 per annum.
This example highlights the fact that different insurance or pension companies offer different annuity rates. It is important for you to consider an “open market option” to ensure that you get the best income in retirement.
If you accept the income offered by your current pension provider, you are unable to change that decision once you have effected this.
Get the best Annuity rates from Principle First Independent Financial Advisers. Contact us today on 0800 678 5929.
{ 3 comments… read them below or add one }
I was looking around for some posts and dropped in your blog. I found your post kinda interesting. I also checked out more blog posts on your site. Great work done!
Good article and to the point.
It is vitally important to ensure you maximise retirement income by using the Open Market Option but pension plan holders should be minded to ensure that their current pension provider is not offering them a “guaranteed” annuity rate available under some older pension contracts.
Taking independent financial advice is a given in these circumstances and ensure that the pension plan holder does not take any actions which could cost them money.
Good article and to the point.
It is vitally important to ensure you maximise retirement income by using the Open Market Option but pension plan holders should be minded to ensure that their current pension provider is not offering them a “guaranteed†annuity rate available under some older pension contracts.
Taking independent financial advice is a given in these circumstances and ensure that the pension plan holder does not take any actions which could cost them money.