Annuity Open Market Option
Get up to 40% More Annuity Income
The annuity open market option allows you to benefit from the most competitive annuity rates in the market. Our Annuity Service will seek to get you a better deal by searching the UK annuity market. By searching the annuity market you might get up to 40% more income depending on your circumstances.
See below for our service to help you get a better deal on your annuity:
When you come to take your pension income, under current rules you can take part of your accumulated pension fund as a tax free cash sum (this must be taken before the age of 75), with the balance of the fund being used to provide you with an income, traditionally in the form an annuity. However, you are not obliged to take your annuity with the company with whom you have built up your pension funds and most personal pensions will allow you to use your accumulated pot of money to purchase your annuity with any company on the market offering more competitive annuity rates. This is known as exercising your “open market option”.
Exercising your open market option in this way will potentially allow you to increase your income in retirement by accessing more competitive annuity rates, including rates offered for impaired lives. For more information see our Guide to Annuities.
Important Risk Information:
This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.