BEST ANNUITY RATES - ANNUITY QUOTES

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Annuities - Best Annuity Rates

Picking the best annuity rates could give your pension a significant lift. There are significant differencies in the worst and best annuities. An independent financial adviser (IFA) using an annuity calculator can get you the best annuity quotes from the range of annuities on the open market.

Do you qualify for Enhanced Annuity Rates?

If you can answer Yes to the following questions you may qualify for best annuity rates.

• Do you smoke 10 cigarettes or more each day and have done continuosly for 10 years or more?
• Are you currently taking any medication?
• Have you ever been hospitalised for any medical condition?

Click here for Enhanced Annuities information

Use your right to the Open Market Option

Let us shop around to find the best annuity rates for you

Many people assume that they have to buy an annuity from the company that has held their pension. This is not the case, as you have the right to shop around for the best annuity rates when you retire – it’s called the Open Market Option (OMO). Worryingly, figures from the Association of British Insurers (ABI) show that 61 per cent of people who bought an annuity in 2007 did not shop around in this way.

Pension and Retirement Annuity

Most people think that their pension annuity starts paying out automatically when they retire, but that is not how it works. It might sound confusing, but the retirement annuity that is paid from the pension fund that you have built up over the years is just a pot of money. The government says you must use your pot of money to but a pension annuity which will provide you with an income in retirement. This retirement annuity can be structured to suit your own particular circumstances and some of the options you can choose are listed below.

Annuities Explained

An annuity converts a lump sum (usually a pension fund) into a regular income that will last as long as you live. The income is taxable and the amount that you get each year will depend on the size of your fund, the best annuity rates the annuity company offers, your gender, age and health, and the type of annuity that you opt for. You are allowed to take up to a quarter of your pension fund as a tax-free lump sum and most convert all of your remaining pension fund into an annuity before the age of 75.

Which Annuity?
Most people opt for a conventional lifetime annuity, but there are several options to pick from. The best annuity rates can have the following options:

• Level annuity Your income will stay the same each year irrespective of inflation.
• Increasing annuity This can either match inflation for the rest of your life or rise by a specific percentage each year.
• Guaranteed annuity This will continue to pay out for a time to a nominated individual if you die soon after retiring.
• Joint-life annuity A joint life annuity gives your partner some or all of your continuing income if they outlive you.
• Investment-linked annuity If you have a larger pension fund, you may prefer to invest it in the stock market. This means that your annual income could go down as well as up.

Checklist
Follow these tips to get the best annuity rates:

1. Choose the best option. Shop around for the best annuity rates using the open market option and don’t just accept what your pension company offers.
2. Get good advice. It is important to talk to an independent financial adviser who specialises in annuities before you make your decision.
3. Think about inflation. You can make your annuity ‘inflation-proof’ by having it icrease in line with price rises, although you’ll start off with a lower income than if you’d chosen a level rate.

To get the best annuity rates using your open market option complete our online form opposite and we will send your annuity quotes