One of the most important financial decisions you will make in your lifetime is when and whom, to draw your accumulated pension from.
This is called an annuity. If you are aged between 55 and 77, you can elect to take an annuity any time during these years.
You are able to start receiving pension income from the age 55 onwards.
When you decide to draw your pension/annuity you will have two main choices:
- Draw your pension from the existing provider, or,
- Go to the market and choose the most competitive annuity for your circumstances.
By going for option 2, you are never going to end up with a lower pension, because if the market cannot offer a greater income, you opt to receive your pension from your existing provider.
Therefore it is good financial sense to review the market (and activate your ‘Open Market Option’) in order to achieve the ‘Best Annuity Rate’.
It can be even more important to do so if you are a smoker, have any existing or previous health conditions as you may be entitled to an enhancement on your pension. You may not get this taken into consideration with your existing provider.
In drawing your pension there are several other important decisions you will need to make. Do you require a single or joint pension? A level or increasing pension? Would you like it to be guaranteed? All of these things can add up to produce a confusing situation at a very important stage of your financial life.
This is why at ‘The Money Map’ we will simplify the annuities process for you, explaining in plain English and ensuring you receive the highest income for your pension fund that suits your requirements.
The Process
- Call The Money Map: 0800 8488250, arrange a free financial review or contact us via our online form.
- First of all we will discuss with you relevant annuity options and help you decide which suit your personal circumstances the best.
- We will then research the annuity market to achieve the highest pension/income available for you.
- Compare this to the annuity quote from your existing provider.
- Help you complete any paperwork required to start receiving your income whether from your existing or new provider.
At The Money Map we are totally independent and we pride ourselves on high service standards and client satisfaction, as part of this service we do not charge any fee for the initial research and ‘open market option’ quotations on your pension/pensions.
As part of our process we will provide you will copies of our research and a report explaining our recommendation and how much financially you would receive extra per month/year by choosing the highest annuity rate for your situation.
Therefore you can have the knowledge of the ‘Best Annuity Rate’ for your pension at no cost to yourself with no obligation.
