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Get the best annuity for you
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Getting the best annuity for you

Shopping around for the best annuity for you, or to use the term used within the insurance industry the "Open Market Option" is a must for anyone with considering buying an annuity.

If you have a a personal pension, retirement annuity contract, or any other type of money purchase scheme, then it is always worth shopping around for the best annuity rate for your circumstances rather than just accepting what your pension company offer.

Many people do not shop around either through lack of knowledge or apathy. But it can mean a massive difference in the level of income. If you smoke or have health problems this difference can be even greater since you could qualify for a smoker annuity or an impaired life or enhanced annuity.

You do however need to make sure your existing contract does not offer some level of guaranteed benefits before taking your annuity with another provider. Some old contracts provided guaranteed annuity rates, which at the time would probably have been far below the then current levels available elsewhere. However now these rates can seem very attractive, and can be in excess of £1,000 per £10,000 of pension fund, when current market rates are much lower.
 
These guaranteed benefits can have conditions attached, such as only being available at a certain age, perhaps age 65, or the annuity may only be available on a specific basis, perhaps not including any options such as a spouse's pension or a guarantee. So it is important to ensure that there are no guaranteed benefits which would be lost by taking your pension with another provider.
 
Stock markets can also move very rapidly, and you need to consider this when you're planning on taking an your annuity. The annuity process and the transfer of funds from one company to another can take weeks, and if the funds you're currently invested in fall in value then your annuity could be smaller. This can be avoided with many existing plans by switching to a safe fund, and this can be done within a matter of days.
 
Our annuity service
  • establish what benefits your existing contract provides
  • ensure that no guaranteed benefits will be unwittingly lost
  • switch the funds to a safe fund if you require
  • discuss your requirements and the possible disadvantages
  • get the best annuity annuity rate from across the market
  • send out a written report detailing our discussions
  • complete paperwork
  • liase with all providers until the annuity is in force
 
As independent financial advisers we can search the entire annuity market on your behalf, and discuss all the options and answer any questions or queries you have, we can also check with your existing provider that you're not missing out on any guaranteed benefits.  Contact us online or call us on now 0800 011 2713 without obligation.

 

 

Don't take any chances with your annuity, you only have one chance to get it right, talk
to an independent pension annuity specialist now


pensionsandannuities.co.uk is a trading style of Pensions and Annuities, which is an appointed representative of Thinc Network Services Limited, which is authorised and regulated by the Financial Services Authority. 
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