There are a relatively small number of providers of UK annuity rates who are actively seeking new business by offering competitive rates. There’s probably only around a dozen or so that can be considered including household name insurance companies and smaller specialist providers. For standard annuity rates there are household name companies mainly, and you could find yourself up to 20% better off, and possibly more, by buying your pension annuity with one of the more competitive annuity providers. These include: Aegon Scottish Equitable, Aviva, Canada Life, Legal & General, and Prudential, who are always at the top of the annuity league tables. If you’re buying an annuity with standard rates, you really need to buy from one of these companies.
Postcode annuities are offered by some of the above named companies, and are rated on where you live, with poorer areas getting higher UK annuity rates. These can make 5% – 10% difference to a retirement annuity income. For enhanced and smoker annuity rates consider some of the larger insurance companies, as mentioned above. However, there are smaller specialised firms to be considered, such as: Just Retirement, LV=, MGM Advantage, and Partnership. Your retirement income could be increased by up to 30%, and possibly more, if you’re eligible for these higher annuity rates. However, as the market is limited and there are numerous factors involved in obtaining the best annuity rates, specialist advice can prove very extremely important.
