30th March 2010
Shop around for the Best Annuity
Many individuals looking to retire in the UK over the next few months will have received information about their pension funds from the provider, including specific information for purchasing an annuity. The provider’s annuity proposed, even so, may not be competitive and an OMO (open market option) could add up to 30% more pension income each yr for the remainder of the annuitant’s years.
An open market option means an annuitant is available to purchase a compulsory purchase annuity (or pension annuities) from any provider in the open market, and this is applicable to a with-profits annuity as well as a lifetime annuity. Although every one of the approximate three hundred thousand people retiring in the UK could consider an open market option, but over 2/3rds still do not browse about to find the greatest annuities. Many could obtain extra income by up to 30percent, valued thousands of pounds every year for the balance of their lives.
Purchasing the correct pension income is very important as once bought, annuities cannot be swapped to a different annuity provider, cannot be varied to a different type of annuity and cannot be varied in any manner for the rest of the annuitant’s life.
If you are looking to retire in the next few months , give us a call we can help you get the best pension annuity available.
