There is a lot of confusion and panic once you reach retirement, a lot of organising to do to help you have that smooth transition into retirement. So the last thing you need to worry about at this time is how do you get the best annuity rates from your pension.
Once you reach retirement you need to switch your pension fund to an annuity, you may have had this pension for many years and now it is time to find the best annuity rates. The best place to start is the open market, everyone in the uk has the right to shop around on the open market to find the best annuity rates.
But, where do you start. Well usually the best place to start is an independent annuity specialist. Most of the firms in the uk that specialise in annuities have there own annuity desks. These desks are manned by consutants that normall have many years experience in the annuity market. They will search the entire market to find the best annuity rates for your individual circumstances.
The open market option was introduced so everyone had the right to shop around, there can be significant differences between the best and worst annuity rates from the pension providers.