Open Market Option

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Open Market Option

When taking pension benefits from a plan such as a personal pension, stakeholder pension, AVC plan etc, the option exists to buy an annuity from a different insurer from the one with which the pension fund is invested. This is known as the Open Market Option, and frequently results in obtaining a more competitive Annuity Rate.

This also provides the option to buy a different type of annuity such as a With Profits Annuity, Enhanced Annuity, Smoker Annuity etc.

It is estimated that over 60 per cent of people buying pension annuities do not consider shopping around before committing themselves, yet many could improve their income by up to 30% if they did.

Once a pension annuity has been set up, it cannot be changed in any way, so it is vital to obtain independent Annuity Advice from a specialist adviser before taking this important decision.

There are many Annuity Options, including level or Indexed Annuities, single or joint-life, guarantee periods etc. In addition those with any health problems such as diabetes, high blood pressure, overweight, etc. may qualify for an enhanced annuity, just as people who smoke can often obtain a special rate with a smoker annuity.

Many people are put off using their open market option because they believe they will have to pay fees in order to obtain independent advice. However, depending on the fund size concerned, the cost of advice is normally covered by the annuity provider, which pays the adviser direct.

In any case making an enquiry will not incur any fee, nor commit you in any way.

UK IFA NET provide fully independent Annuity Advice for your individual requirements. Simply click for a quote. Alternatively speak to one of their highly experienced consultants today on 0845 365 2410 quoting ref WS9 or fill out our online quote request form and one of their advisors will contact you.