The annuity market is very competitive and annuity rates differ between annuity providers.
You can substantially increase your pension income by purchasing your annuity from the company which pays the most income. This is called “exercising the Open Market Option.”
It costs nothing to take advantage of this option and new rules introduced recently by the FSA mean that insurance companies must tell you about this option.
Do you qualify for Enhanced or Impaired Rates?
If you can answer Yes to the following questions you may qualify for better annuity rates.
- Do you smoke 10 cigarettes or more each day and have done continuosly for 10 years or more?
- Are you currently taking any medication?
- Have you ever been hospitalised for any medical condition?
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