Open Annuity

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I want a standard pension annuity quotation (includes fixed and variable rates).
I want an impaired life pension annuity quotation (includes fixed and variable rates).
I want a smoker pension annuity quotation (includes fixed and variable rates).
I want a purchased life annuity quotation (not for pension funds).
I want a quote for an immediate care annuity.
I want a quote for long term care annuity.
I want to discuss my annuity options with a financial adviser (no obligation).
I want advice regarding a pension transfer.

Open Annuity

The Open Annuity is a relatively new type of annuity product, which has recently been updated as a result of pension rule changes from 6th April 2006. It has been approved by Her Majesty's Revenue and Customs as an annuity product, but is fundamentally different from traditional annuities.

Traditional annuities provide income in exchange for a lump sum payment. Your lump sum is effectively given up when you buy a traditional annuity. (There are payment options to consider which allow continuance of income and some return of capital, but limitations apply). Traditional annuities pay income based on life expectancy, pooling the funds of many investors, so that those who die earlier than expected effectively cross-subsidise those who live longer. Traditional annuities are safe investments that provide a guaranteed future income, whereas the income from the open annuity can be reduced or increased by the investment returns of the underlying pension fund.

The open annuity acts like an investment account. Your pension fund(s) is transferred in, investments are made within limits, then you choose how much money each year you want as income each year, and this is deducted directly from your investments.

You can choose to switch from the open annuity to any other type of annuity at any time. This switch can be to any annuity arrangement of your preference, thus enabling you to benefit from the prevailing best rates, arrangement or provider.

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