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There are 10 key annuity players in the UK, so if you pension is not with one of the following companies, then you’re probably not going to get the best the annuity rate. Even if your pension is with one of these companies you may still benefit from shopping around.
Quotes can be obtained from the following companies through our online quote service
- Canada Life
- Hodge Life
- Just Retirement
- Legal & General
- Liverpool Victoria
- MGM Advantage
Even if a pension is with one of the leading annuity companies, factors other than price may dictate that you use another company;
- Conventional Annuity (is this what you need? Other forms of income may be available, like drawdown)
- Postcode Pricing (do you live in the South? Since rates may be higher for thos living in the north you may be better avoiding a company that prices on postcode)
- Impaired Life Market (do you suffer from ill health? Use a company that offers impaired life annuity rates, they could be 30% higher)
- Investment Linked (An alternative to traditional annuities)
- Fixed Term (circumstances set to change? Deteriorating health, impending death of a dependant)
- Purchased Life (annuities for funds emanating outside of a pension)
There are in excess of 20 companies currently offering pensions and over the last 30 years there were many more that have come and gone. The chances are that your pension is not with the best annuity provider, so you should shop around for the best deal. You have a right to do this under the Open Market Option, which exists in the majority of pension plans.
Where to buy an annuity
So, where do you start? You could go to each of the annuity companies detailed here. However, that’s going to take a lot of time. Furthermore, do you know exactly which options or even which type of annuity you require?
It makes sense to contact us. An annuity adviser can approach all the relevant annuity providers to obtain the best annuity rate and give you sound regulated advice on the options and types of annuity available. You will get help completing application forms and liaising with the annuity provider and pension company.