Quick guide on how to find the best pension annuity rates

Quick guide on how to find the best pension annuity rates

In the UK pension annuity rates can be found from all the leading insurance companies as well as some specialist annuity companies not so well known.Use the open market option,which is the right to shop around to find the best pension annuity rates.

There are advantages and disadvantages of pension annuities and at retirement you have to consider all the choices available to you.These choices include guaranteed annuities,fixed term annuities,asset-backed annuities and also income drawdown which is not an annuity option but rather an annuity alternative.

If pension annuity is your preferred income choice in retirement and it is so for around 90% of retirees then you have to ensure that you shop around to find the best pension annuity rates.Quite simply this is because the difference between the rates offered by the best and worst provider is huge,it can easily be as much as 15% difference and remember this income has to last your whole retired life.

By far the most successful way of finding the best pension annuity rates is to enlist the help of an independent financial adviser,there are many advantages of this,none more so than the fact that many of the leading annuity providers do not sell direct to the public,they only deal with financial advisers.Another advantage of advice is that if something goes wrong then you have some recourse of action to complain about the advice you were given,where if you make your own financial decision then you have no recourse for complaint.

Since financial advisers understand the products they sell,the other significant advantage of advice is that the adviser will explain the options that could be available with the pension annuity rates,and in plain English. The product literature of many of the annuity providers is very confusing to say the least.

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