It is extremely important to compare annuity rates. You can use an annuity calculator for the best pension annuity rates, and that really should provide you with a good guide as to what you actually want. Like most insurance products the annuity rates that are offered to you will vary greatly from one provider to the next provider. It is therefore important to carefully compare the annuity rates that are available depending upon your own individual set of personal circumstances. If you were buying home insurance or renewing your car insurance then you would shop around properly to save yourself some money. Buying an annuity really does fall into the same camp, but is arguably more financially important to you because you’re shopping around to get more retirement income, which has to last you a long time.
Many surveys have shown that over 60% of those people retiring buy their pension annuities from the same pension provider with whom they built up their hard earned and hard saved pension fund with. Many people are actually unaware that they have the right to move this fund to whichever annuity provider will give them the best pension annuity rates and pay them the highest retirement income. This is known as utilising what is called the open market option (OMO). This can make a significant difference to the level of income you ultimately receive for your time in retirement.
Buying a pension annuity for your retirement income is really one of the most important financial decisions you will ever make in your life, and it’s crucial that you obtain the best level of income you can because it’s going to be paid to you for hopefully many years. However, many people look for the best annuity rates online but it’s probably fair to suggest that sometimes these tools can be somewhat inaccurate. What we like to do is show you the top standard annuity rates available based on age, sex, size of pension fund, and postcode.
If these rates look good to you on our annuity calculator, there’s still a chance you could get more because of your state of health or your lifestyle. Discussing your personal circumstances with one of our annuity specialists will bring about the best solution. Whatever you do, don’t just accept the annuity quote you’re being offered by your pension provider. By comparing annuity rates from across the market place you could obtain significantly more income for your time in retirement.
