Finding the Biggest Pension

You have saved hard all your working life into a pension plan and now its time to put your feet up and enjoy a fruitful retirement. Plans have been made for spending some of that tax free cash sum, and your pension company has sent you a choice of half a dozen different types of pension (annuity) to choose from.

Remember, when you come to buy a traditional annuity with your pension fund you only get one chance to get it right because it stays with you for the rest of your life.

Should you start with a smaller pension knowing that it will increase each year, and if so “by how much?”, and “how much do I need to include for my wife if I die first?” There are so many different combinations that it is vital you to talk to an Independent Financial Adviser who can help you decide the exact type of pension that is best suited for your circumstances.

Having decided the most suitable type of pension, the next step is to make sure that you get the most you possibly can from your pension fund. This involves shopping around (or getting an Independent Financial Adviser to do it for you) because different companies will give you different amounts of pension income for the same amount of pension fund and the difference can be quite substantial, and again it is for the rest of your life

Your pension company will have told you about being able to shop around to get a better pension. It is called the “Open Market Option”.

An Independent Financial Adviser can find out which company will give you the best deal on the most suitable pension for your personal circumstances. He or she will also check to see if there are any special rates under your existing plan.

Remember, when you buy an annuity you have one chance to get it right, and if you don’t use your open market option you could end up losing out thousands of pounds over the rest of your lifetime. We will be happy to help you find the best deal for the right type of pension for you. Simply click on the contact us button and we will get straight back to you.

If you are a smoker or don’t enjoy good health, you may qualify for even higher rates through something called an impaired life annuity.

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