For many years pension providers have been forced to recommend that those at or near retirement seek advice on using the ‘open market option‘ – using the pension fund and shopping around to see which company offers the highest income based on your unique circumstance. The problem with this is that this piece of advice is often (but not always) several pages into the letter, and sometimes missed by the recipient of the option pack.
Missing the opportunity to shop around using the open market option can have a severe long term effect on your income. Many people will qualify for a higher annuity based on their lifestyle, or their health issues. With the average personal pension pot being around £30,000 this is a decision that must not be taken lightly, as when you purchase an annuity, it is a once and for all decision and cannot be changed later.
At Financial Solutions Wales, we specialise in sourcing the most suitable annuity income for you. We will also discuss all other retirement income choices, such as Income Drawdown and the newer Third Way annuities. Please give us a call on Llanelli 01554 770022.