When you buy your pension annuity, make sure you get the best UK pension annuity rates. Annuity rates are predicted to fall for the rest of this year, so it is crucially important that you seek out the best annuity rates for your all important retirement income. This can only be done by shopping around between different annuity providers using an annuity service such as this, and utilising the Open Market Option (OMO). Unfortunately, most people do not shop around for higher annuity rates, which means most people are not offered the best annuity rates available. The problem is that these people are actually unaware that they can shop around.
So while we are used to comparing the costs and premiums of other financial products such as mortgages, loans, car insurance, credit cards etc., due to the lack of understanding of an annuity purchase, most retirees end up sticking with the first offer of UK pension annuity rates from their existing pension provider. P.I.C.A have suggested that this situation could be improved somewhat if there was a ‘pension passport‘ system where some brief details of each potential retiree could be documented and then that person could more easily shop around between different annuity providers.
