Majority missing out on large financial gains

The potential lifetime gains to be had from exploring the open market option when considering annuities make it absolutely essential that retirees do not just choose to stay with their existing pension provider.
According to a recent survey conducted by the Association of British Insurers, a £10,000 pension fund could yield a lifetime gain of £530 simply through shopping around. If you had a £35,000 fund and looked to the open market, you could be gaining up to £2,647. With annuity rates at their lowest for 20 years, these savings could make a huge difference to the quality of life of any retiree.
The same survey found that almost two-thirds of annuitants purchased through the provider of their private pension, often without seeking any other financial advice and, as a result, missed out on the extra income that the open market could have offered them. Approximately 85% of customers who purchased a single-life annuity, did so at a rate of at least 95% of the highest external rate.
Make sure you get the best possible rate by choosing the open market option.
Just call, write or use the online service and we’ll introduce you, in various ways, including through the website and by phone, to Independent Financial Advisers (IFA).
See the full survey here