The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising
1 - Do Not Fail to Claim What is Rightfully Yours
Many retirees ignore a much bigger income
Understanding pension annuities
Many retirees fail to exercise their right to choose their annuity using the open market option (more about the open market option below). We help ensure that you don't fall into the same trap.
But first, what is a pension annuity?
An annuity is an arrangement where you make a lump sum investment and, from this investment, you receive a guaranteed level of income. Most annuities are bought using funds held in pension schemes. An annuity is payable for the rest of your life, although it's possible to select a fixed period if purchasing an annuity with cash rather than pension funds.
2 - Enhanced Annuities / Impaired Annuities
It's estimated that 60% of people could qualify for an enhanced annuity
Understanding enhanced annuities
You could be eligible for an enhanced annuity if:
- You smoke
- You have ever taken prescription medicine
- You have ever been hospitalised for a medical condition
- If you are in advanced years
So if you're of advanced age, a smoker or are in poor health (or have been in poor health), you may be able to increase your pension income.
3 - The Open Market Option for Buying Annuities
Why the open market option is good for you
Why you HAVE to compare pension annuities
Under the government initiative called the 'Open Market Option' you can transfer your pension fund to any annuity provider, not just your current pension fund provider.
Figures show that you can make a SIGNIFICANT difference to your yearly income if you shop around.
Thousands of people retire every week in the UK. Many of them still don't use the Open Market Option because they either do not realise they can or are simply unaware of the benefits of doing so.
You should ensure that you exercise this advantage, the right to choose the best annuity scheme.
Make sure you make the correct choice
Compare the top pension annuity providers
When your pension fund reaches maturity, your pension provider will advise you of the fund value, and general information about annuities and the level of annuity income you would receive.
You're then allowed to transfer the fund value to another annuity provider of your choice. A higher annuity income may be available from a different provider.
The difference between the best and worst annuity incomes can be very surprising. There are a wide range of options which can be selected when choosing an annuity scheme, it is wise to compare products from the whole of the market.
Exercise your right to choose
Compare the Options
The quick contact form below will put you in touch with a retirement options specialist (not a call centre) a home visit isn't necessary.
You will then be able to compare top annuity companies to help you choose which one is the best for you. It really is very simple.
Take action now and uncover the differences
Receive a FREE Pension Annuities Comparison Quote
Please complete the free no-obligation enquiry form and see the surprising differences between one annuity and another. Remember your enquiry is free.
There's no charge for us investigating your policy and you're under no obligation to follow any recommendations that are made.
Your annuity specialist is registered with the Financial Conduct Authority (FCA).
1. Search the whole of the market for you so you are more able to make a decision
2. Check if you are eligible for an enhanced annuity that could increase your income
3. Give you access to more flexible options including fixed term annuities and income drawdown, should you wish
GET FULLY CONFIDENTIAL ANNUITY COMPARISON QUOTES WITH NO OBLIGATION Your privacy is important to us, we have a strict confidentiality policy and do not share your contact details.