Open Market Option
As your chosen retirement date draws near, your pension provider will make contact. They will usually offer you a quick and easy way to convert your pension into an annuity, usually with the provider’s own annuity. With so much competition on the annuity market, it may not be the best rate available.
The open market option was created to give pension savers more choice. Your pension provider will explain this to you. Even if you’ve saved with them for forty years, you should not feel any loyalty to them. Remember, you have the right to use any annuity provider, so pick one that’s right for you.
We can help you shop around for the best rate, based upon your individual circumstances and income requirements. Contact us when you’re ready to start the search.
Pension commencement lump sum
Annuities - what are they?