When you need a pension annuity you need to use the whole of market. Not all annuity desks or brokers will give you the best pension annuity from the whole of market and this could cost you thousands of pounds of lost income for the rest of your life.
How to get the best Pension Annuity?
The best pension annuity rates can be found by exercising your right to the open market option but also ensuring that you use the whole of market. Whole of market means just that, you get the rates by considering all the annuity providers. Most of the annuity providers will give you a pension annuity using their own rates which could be less than the open market option will provide you. Also, many of the broker desks only use a panel for pension annuities, which again may not give you the best pension annuity rates.
Use a Pension Annuity Calculator
Pension annuities are influenced by the options you decide to take, and it is generally a good idea prior to retirement to find a pension annuity calculator to see how much income you might get from your pension fund. These simple pension annuities calculator allow you to quickly change the options and see how it affects the income you will receive.
To summarise then: To ensure you get the best pension annuity for your retirement you should research from the whole of the market. Use a broker that understands annuities and recommends from all the annuity providers.