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key facts |
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Can
I shop around ?
You CAN shop around to find the best pension annuity available.
You are able to do this because of a facility known as an 'open market
option'. The good news is that this shopping around can be done for you.
Will
I be better off by shopping around ?
If you do shop around
it is EXTREMELY likely that you will improve your pension income. By 'shopping around' you will find some pension annuities provide a level of income in excess of
35%** above that originally offered by your current provider. Putting this into figures,
£5000 per year could become £6,750, and £10000 per year could become
£13,500. It really could be that significant.
I have a medical or
lifestyle condition, how might this affect me ?
If you
have, or have had, a medical or lifestyle condition, this could have an impact on the pension annuity you receive, meaning you could
qualify for a higher
amount - see enhanced annuity page. Indeed, if you have smoked
(for example, for ten years or more) this, too, could have an effect on what you receive. This is probably the only time in your life when being a sufferer or a smoker could be to your financial advantage.
Over 1,500 medical and lifestyle conditions could qualify.***
**Source: Moneyfacts July 2007
***Source: Just Retirement
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