When you decide to take benefits from your pension savings, you are not obliged to purchase an annuity and take your retirement income from the company that you hold your pension fund with.

An Open Market Option is basically a right you have to transfer you accumulated pension fund to another insurance company, which allows you to shop around to get the best deal. Utilising the Open Market Open could mean that you are able to find a better annuity rate and, therefore, secure yourself more income during your retirement. 

Annuity rates can vary considerably between providers. Even within one provider, the rates can differ according to the annuity options you choose. You have to remember that purchasing an annuity is a one off decision so should be made very carefully. You do not want to be stuck with a poor annuity because once you have purchased an annuity, you cannot then move to another provider.

In addition, your current pension provider may not be able to offer you the type of retirement income or the retirement product you require.  For example, not all insurance companies have income drawdown or unsecured pension products or may impose fund size restrictions above your fund value. Annuity Arrow will assess your circumstances and then assist you in deciding the most appropriate product to meet you requirements.

Annuity Arrow is a specialist discount annuity broker that does the shopping around and searches the annuity market for you. Also because we are a discount broker, we boost your fund and income further by refunding some of the commission that the annuity company pays us.  We can get you more income than if you buy an annuity direct with an insurer at no cost to yourself or your fund.

Before you even consider taking your pension and buying an annuity with your existing provider, please contact us to see how much more income we could get you.

Please be aware that the open market option is not available for every plan or scheme. You may be restricted by the size of your pension fund as some companies will only accept funds and allow your purchase an annuity if your fund is above a certain size. Annuity Arrow can investigate this on your behalf.