Open Market Option Vital to find Enhanced Annuities in Retirement Planning

Open Market Option Vital to find Enhanced Annuities in Retirement Planning

In a world where everyone shops around to get the best deals it is staggering to find that two thirds of UK retirees do not shop around to find the best pension. The open market option was introduced to allow retirees to shop around and be be held to ransom by their existing pension provider.

There can be massive increments to pension income if the open market option is used, some UK annuity providers say as many as sixty percent of retirees could be eligible for enhanced annuity rates. These rates are available to those that have lifestyle habits such as smoking or excess consumption of alcohol. They are also available to those with medical conditions or serious ill health.

You do not have to accept the offer your pension company gives you which most likely will not offer higher rates due to any lifestyle or medical related qualifications. Instead you should use your right to the open market option and get your annuity quotes from the entire market.

Because there are many annuity providers that do not market their products to the public, the best option is to meet with independent financial advisers and let them do the searching for you. Independent financial advisers work on your behalf and will get to understand your personal circumstances and objectives, once they have this information they can use it to find the highest annuity rates from the entire market.

When planning your retirement income it is also important to ensure that you consider your dependents, none of us know when we will die, but if we are financially prepared when it does happen hopefully there will be no concern about finances for those dependents left behind. You can build into your retirement income a continuing pension for your partner, this of course will affect the starting income of your pension but it will give your family peace of mind in the event of your death.

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