Open Market Option

Choosing your annuity

The big mistake that many people make when choosing an annuity is to assume that you have to buy an annuity from the same company you saved your pension fund with. Naturally, they will send you lots of marketing material as your retirement draws near, in the hope of persuading you that buying from them is the easiest option.

It may seem easy but remember you are under no obligation to buy your annuity from your pension fund provider. You can search across the whole market, comparing hundreds of different annuity providers to find the best annuity rates to suit your individual circumstances.

The open market option

Your right to choose the best annuity rates from all the available providers is called the Open Market Option. Remember, once you have chosen your annuity, you cannot change it, so it is always worth taking the time to compare annuity rates.

Open market option annuities rates will vary widely between providers, with some specialising in enhanced annuities and offering better enhanced annuity rates, while others may offer a better deal on annuity rates for your spouse or partner after your death.

Some providers may even offer annuity options that are not available from your pension company, such as with-profits annuities. These give you the opportunity to potentially increase your annuity income through stock market investments.

Helping you choose your annuity

Annuities4U search through hundreds of different annuities providers to find the best open market option annuity rates for you. Our expert team will not only help you get the best annuities rates, but they’ll also guide you to make sure use the open market option to get a deal that meets your exact needs. This will apply whether you want a flat rate annuities or index linked annuities, and whether the income is for you only, or if you want to provide for your spouse or partner.

Get the best annuity rates

Take a look at our open market option annuity calculator to see the difference we could make to your regular retirement income. It’s just a few short questions and we’ll follow it up with a quick call to assess your circumstances in a little more detail.

Using this information, we’ll help you exercise the open market option to find the best annuities rates, often helping you get thousands of pounds more than you would have got from your original pension provider.

Remember, around 6 in every 10 of people miss out on higher annuities rates because they do not shop around. Annuities4U search hundreds of annuity providers to get you the best open market option annuities rates available.