The UK Pension Annuities market is highly competitive so it is in your interests to shop around for the best deal available. For information on annuities and how thet work see our Guide to Annuities
The pension company that currently looks after your pension fund 3 to 6 months before you are eligible to take pension benefits will send you an annuity quotation based on their own rates. You are not obligated however to take up this offer. Under the Open Market Option (OMO) you can transfer your pension fund to another annuity provider offering a better deal
There can be significant differences between the best and worst pension annuities, making it worthwhile both to take annuity advice to ensure you’re getting the best deal out of your pension.