How to go about getting the best conventional standard annuity rates. These rates apply if you’re of good health and non-smoking, but they do vary a great deal, and you could obtain rates up to 20% higher than the annuity quote from your existing pension provider. Certain lifestyle issues could result in you getting higher annuity rates. All you have to do is transfer your hard earned pension fund to a different annuity provider. With conventional standard annuity rates there’s a massive difference between some of the better annuity rates and some of the worse ones. This difference can result in thousands of pounds of wasted retirement income. So who do you buy your annuity from in order to get the best annuity rates?
There’s actually only a small number of annuity providers consistently near or at the top of published annuity league tables, and these include: Aegon Scottish Equitable, Aviva (was Norwich Union), Canada Life, Legal & General, and Prudential. Buying your annuity from one of these well known companies could result in a 20% increase in your retirement income. Some of these companies also offer annuity rates based on your postcode with rates depending on where you live.
Those living in less wealthy areas could be better off by between 5% – 10% as a result. This is seen as a move in the direction of individual underwriting. However, there are also companies you should not be buying your annuity from because of the very low standard annuity rates they offer. These include: Axa, Friends Provident, and the well respected Scottish Widows; though there are others to avoid.
