This could be the biggest financial decision you ever make
The Open Market Option allows those approaching retirement to shop around for options to convert their pension fund into an annuity. Rather than just taking the rate offered by your pension provider, you now have a choice.
A UK government research study showed that 60 per cent of annuity claimants do not use their Open Market Option and 40 per cent of information packs from pension firms did not advertise the option clearly.
Many still don't use the Open Market Option because they either don't realise they can or are unaware of the benefits of doing so. It has been claimed that retirees who don't use their option and take the default annuity offered by their pension provider may be missing out on up to 40% more income.
According to professional pensions publication, DC World, it is estimated that over £1bn in
pensions was lost by not getting proper advice on the best-selling annuity
Just a little reassurance before we continue.
If even after reading the explanations on this site you still think annuities are difficult to understand, please don't worry, they'll be fully explained on contact.
Annuities are quite straightforward, but sometimes it just takes someone to gently guide you through the details.
A pushy salesman is not going to turn up at your door or you won't be pestered by a call-centre - you will be called by a friendly professional at a time that's convenient to you. A home visit is not necessary.
Also, you won't have to pay a direct fee.
There are no charges to you for investigating your policy and you're under no obligation whatsoever to follow any recommendations. By using an Independent Financial Adviser you'll get advice that is s paid for by the company that supplies the annuity. Your broker receives their commission payment directly from the company that they recommend. Basically, your broker's remuneration is built into the income that's offered by the annuity provider (more).
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The main aim of this site is to help you achieve better annuity returns than that which is offered by your current pension fund provider. Please note that this is not an automated comparison site, it is designed for those retiring imminently who want bespoke help in obtaining the right annuity at the best rate available.
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