Thinking of Retirement means thinking about Pension Annuity

| Monday, June 25, 2012
By Catherine Clayton

A pension annuity is often one of the first things that a person will consider looking at when they are thinking about planning their retirement. Regardless of your personal situation, the type of annuity that you select will help to provide you with a stable source of income for the remainder of your life and therefore it's a big decision. If you are selecting a pension annuity then shopping around to find one which is directly matched to your needs is crucial and this can really save you money and give you a higher income return in the long run.

With the ability to choose between a wide range of pension annuity providers - mainly thanks to the introduction of the Open Market Option - more and more people are starting to move away from their existing pension providers and look at newer options in the annuity market, thus saving money by choosing annuity plans which are really tailored to their individual needs.

In recent years the Open Market Option has really revolutionised the way in which people are allowed to choose between their annuity providers and it has opened up a whole range of different options for purchasers. As the annuity market is so competitive there are a wide range of different providers who are able to offer different options, benefits and features to the annuitant and therefore can save a great deal of money for the annuity purchaser further down the line.

In addition, being able to access the Open Market Option means that you now have access to a range of enhanced annuities and other options that you wouldn't have been able to access beforehand. Enhanced annuities are available to anyone who may be suffering from a long term health condition or who leads poor lifestyle habits.

Shopping around for your annuity can present you with a whole host of benefits including the potential to increase your annuity income over a period of time.

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Anonymous said...

I use an annuity for my retirement. It's a great way to ensure monthly money through the rest of my life. Steady payments each month, and if I need extra cash quickly I can always sell my annuity to get the money I need. I recommend looking into it.

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