If you want the best annuity quotes for your retirement income then you need to use the open market option. Annuities quotes from the open market will include all the annuity providers and not just a single provider or a panel of providers.
To use the open market and get you annuity quotes is very simple. We recommend that you use a specialist annuity desk that transacts this type of business everyday and will be able to hold your hand all the way through the process.
What is the Annuity Quote Process?
The annuity quote process starts with asking questions about the shape of annuity you require. The shape is the options that you want built into your annuity. These are:
- Continuing pension for spouse or civil partner
- Guarantee payment period after death and usually maximum of 10 years
- Escalation in payment to protect against inflation and can be a set percentage or linked to the retail price index
- Value protection which pays out any unpaid pension on death before age 75 but there is a tax charge of 35%
- In advance or in arrears, you can choose how your payments are made
Once you have chosen the shape then annuity quotes can be prepared to match the chosen shape using the open market option. It should be pointed out that each of the options chosen reduce the amount of income from a standard single life, level with no options annuity payment.