When the time comes to buying an annuity, which pension annuity has the best pension annuity rates for your circumstances? It is important to remember that this is a once in a life time financial decision. Once purchased, your pension annuity cannot be transferred or exchanged and will be with you for the remainder of your life. With this in mind, the annuity which you eventually buy will impact heavily on your future financial well being and it is important that that you choose your annuity very carefully.
A pension annuity is a contract with an insurer which will provide you with an income for the rest of your life in exchange for the value of your pension fund. It is usually best not to buy an annuity from your existing pension provider without first making sure that they are offering you the very best annuity rates available. Buying an annuity directly from your pension company could result in you losing out to the tune of thousands of pounds over your lifetime and it is usually possibe to receive a larger annuity income from a different provider. Always check the annuity rates from a variety of annuity providers before committing yourself.
If you suffer from certain medical conditions you could qualify for an enhanced annuity rate of up to 30%, and possibly more if you’re seriously ill. This would represent the best pension annuity rates for you. If you are a regular smoker, have been hospitalised for a serious condition, have a current medical condition or are currently taking prescribed medication you could be eligible to an increased annuity rate. You do not have to have a serious medical condition to qualify for enhanced annuity rates.


