Should you shop around for a bigger annuity?

Yes, you should! You do NOT have to take your annuity from your existing pension provider. You have every right to exercise your Open Market Option and take your pension fund into the market place to get the best annuity rate available.

You will almost certainly get a larger annuity from another provider unless you have a guaranteed annuity rate or you just happen to have your pension with the provider currently offering the best annuity rate for your age and requirements.

Is it worth it?

Definitely YES! A person in good health can expect to increase their annuity by 10% if they shop around. Certain health conditions could increase this by up to an additional 20% (heart disease, cancer, obesity, smoking) - these are known as impaired life annuities.

The best and easiest way to ensure you get the best deal available is to contact an Independent Financial Adviser - here

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