Pension action encouraged over inflation fears

A recent article on moneyfacts.co.uk has emphasised the need not only for planning ahead when it comes to retirement options but also the continued importance of exploring the open market option. With inflation rises set to affect future retirement income and the annuity market due to change, professional and independent advice has become ever more valuable. Here at Annuity-Market, we can offer you the highest standard of impartial advice from a wide range of pension options.
People have been urged to think carefully about how to get the best possible retirement income from their pension savings.
Six in ten non-retired adults, equivalent to 21 million people in the UK, are concerned about the effect inflation will have on their future retirement income, according to MGM Advantage.
Yet despite acknowledging the erosive effect inflation could have on their retirement income, a quarter (27%) of those surveyed said they had not even started to consider how they could get the most out of their pension savings.
“Many people still have unrealistic expectations of the retirement lifestyle they will be able to afford,” said Aston Goodey, sales and marketing director at the retirement income specialist.
“The reality could be very different, particularly if people take the income offered by their existing pension provider rather than shopping around for the best deal using the open market option.”
In order to get the best value for money from their pension pot, people approaching retirement should always take the time to evaluate the various annuity options open to them across the whole of the annuity market.
Impaired and enhanced annuities are also available which could pay out a greater amount of retirement income because the person purchasing an annuity is in ill health or suffers from certain medical conditions. Improved rates are also usually available to people who smoke.
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).
Read the full article: Annuity action urged over pension inflation fears