(c) Choosing An Annuity Provider

Part 3 of the Annuity Buying Choices and Decisions (ABCD) series from Legal & General

People dont have to buy their annuity from their pension provider, so were all free to shop around to help maximise our income and choice. When the time is right, its important to make an informed decision because this could affect the level of income paid to us for the rest of our lives and we wont be able to change our mind.

The OMO

The Open Market Option (or OMO) is our right to shop around and buy a pension annuity from any provider. Most people are already used to researching and comparing prices for big purchases, like holidays, cars and electronics, and purchases dont come much bigger than pension annuities.

Annuities provide a regular income during retirement so when buying one, its worth taking time to make sure of the best deal. There are a number of companies that specialise in providing pension annuities and each offers different rates and levels of income. The only way to make sure not to miss out on extra income is to compare the incomes from these specialists with the income offered by the pension provider.

Money Advice Services comparison tables

Individuals can get a quick idea of the incomes different annuity providers could offer them, by visiting the independent Money Advice Services website. Theres no need to provide lots of personal information; just gender, age when buying, postcode and the size of the pension fund used for the annuity. Contact details are then offered for each of the providers to make it easy to call them for a personalised quote.

Financial advice

Anyone buying an annuity should strongly consider seeking independent financial advice for help with their decision. If in doubt, an adviser can help compare the incomes offered by different providers as well as advise on the most suitable annuity products and options based on an individuals circumstances. Most providers will however allow customers to buy their annuity direct if preferred.

Health when buying

If annuity customers have any health problems or medical conditions, its important that they get quotes and compare incomes from enhanced annuity providers like Legal & General. Not all providers offer enhanced rates based on health risks and conditions so they could be missing out on extra income for life if they dont shop around.

by: BrianAnderson

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