Picking the best annuity rates can significantly increase your retirement income. Most people assume that all annuities are the same but did you know that by comparing annuity providers you could increase your income by as much as 40%? Complete our enquiry form now and we will compare the whole annuity market, searching dozens of providers to maximise your pension fund.

Enhanced Annuities

For retirees who have a medical condition or lifestyle choice which will impact on life expectancy, some specialist providers offer what are known as enhanced annuities. There are over 1,500 medical conditions which could qualify an individual for an enhanced annuity, These range from mild conditions to more serious conditions such as heart attack or stroke which can pay upto 60% more in retirement income. The typical lifestyle choices which enhanced annuities use as a qualifying criteria are if a person smokes cigarettes or drinks alcohol on a regular basis.

Annuity Calculator

An annuity calculator will give you an approximation over what level of annuity income you might expect to receive from your pension fund. It should not be treated as an accurate annuity quotation but as an illustrative guide. To get a full and accurate annuity quote, you must speak to an annuity specialist such as ourselves or an IFA. This is because is a lot more information is needed to form a full quote, such as detailed medical information. If you want to use an annuity calculator, try the FSA website which lists some of the main annuity providers in the UK.

Open Market Option

Introduced back in the 1990’s, the Open Market Option (OMO) is your right to shop around between annuity providers. Using OMO, you can potentially increase your income by as much as 60%, although the average increase in closer to 25%. Not all annuity providers offer the same annuity products. For example, some providers are specialists in enhanced annuities. Unfortunately most retirees do not compare providers for the best annuity rates and stick with the first offer from their current provider. For this reason it is vital that you compare the market to fully maximise your retirement income.