- Uses open market option to find best rates
- Can escalate retirement income by more than 30%*
- Impaired health annuity service offers even more
Leading pension and investment services provider Fair Investment Company has partnered with The Annuity Team to offer its customers a brand new annuity service.
The annuity service aims to help people increase their retirement income by as much as 30% by using the open market option to find the best annuity rates available.
"Our new annuities service offers two retirement fund solutions – the first is an open market annuity service covering impaired life and standard annuities through The Annuity Team, the second, a pension draw down service through the Fair Investment Advisory Service," explains George Ladds, head of investment and pensions research at Fair Investment Company.
"When looking to buy an annuity, one-third of annuitants are either not aware that they could get much more for their pension fund by shopping around or think the process may be too complicated, and simply ‘default’ into their provider’s annuity."
George continues, "We have launched this service to show people that shopping around for a better annuity rate doesn't have to be complicated, and the result could mean getting up to 30% more from your annuity."
The Fair Investment service is easy and straightforward; fill in a simple form, the Annuity Team call you back with verbal quotes which can then be confirmed by post and/or email with no obligation.
"We also offer an impaired health annuity service which aims to provide a higher annuity income for those people who meet certain health criteria," says George.
Unlike with life assurance, where poor health usually means higher premiums, the opposite is true with annuities - poor health, and consequently decreased life expectancy, means higher annuity rates.
For those not wanting to commit to an annuity, Fair Investment Company's new service also offers advice about pension drawdown - "we offer a full service, helping customers to choose the best pension income route for their own circumstances," concludes George.
*Real life case studies:
Customer A – no health or lifestyle issues: Pension fund of £5823 to buy an annuity. Quoted £181 per annum from his pension provider; by using The Annuity Team he got £255 per annum, an increase of 41 per cent.
Customer B – smokes 20 a day: Pension fund of £13,992 to buy an annuity. Quoted £642 per annum from her pension provider; by using The Annuity Team she was able to get £760 per annum, an increase of 18.3 per cent.