Make use of your 'Open Market Option' facility

Rates and performance vary greatly from company to company, and the difference between the best and the worst can be as much as 30% - 40%.

Your pension provider will forward details of your pension fund and the annuity rate they will give shortly before your anticipated retirement date. You could be one of the lucky few who are offered a guaranteed rate which would be difficult to better elsewhere.

However, these are rare as few providers offer such terms, so in most cases we strongly recommend that you give us the opportunity to obtain comparative quotations on your behalf, taking advantage of your Open Market Option rights, as you do not have to purchase your annuity from your pension provider. It is quite feasible that you could increase your income significantly.

This must be done on a strictly like for like basis, as there are many factors which affect the amount you receive, such as age, sex and health. (See our section on enhanced rates).

Surprisingly, the majority of annuitants do not exercise their Open Market Option rights, forgoing the possibility of increasing their retirement income. This is due, no doubt, to the complexity of assessing the different rates and contracts available, or through lack of knowledge that this option is available to them. We are happy to research your options free of charge and provide you with a straightforward illustration of the maximum income available.