You can actually help yourself to the best UK annuity rates. Whilst you do have options there is only one that really gives you the chance of the highest annuity rates. None of the other options offer you a choice. As no one company offers the best annuity rates for all situations, you’ll miss out on getting the best rates. Also, annuity rates do vary greatly between annuity providers. With something as important as your retirement income it’s crucial that you don’t limit yourself to using just one company. Company A might offer the best annuity rates for a 60 year old, but not the best rates for a 65 year old; Company B might offer the best annuity rates for a £50,000 fund, but not for £100,000; etc., etc.
If you decide against having a choice, you’ll only be offered an annuity quote from one company, which could be competitive or not, and you’ll miss out on getting the best UK annuity rates. Higher annuity rates are payable to smokers and people in poor health for the simple reason that their life expectancy is lower than it is for healthy people, so the annuity provider calculates it won’t have to pay out the annuity for so long. If you smoke, if you have been ill or if you’re only slightly overweight it is worth checking out what rates are available. It really is up to you; if you don’t mention something that matters, then it can’t be taken into account, which could cost you dearly in terms of lost annuity income.
So, help yourself to better annuity rates; use a specialist annuity service such as this to research the market for you, make sure you disclose anything to do with your lifestyle or your state of health that might effect the rates you’re offered, and consider carefully the company your pension fund is invested with, as many offer particularly poor deals in terms of annuity rates at retirement.
