It pays to shop around
According to a 2019 Which? report, shopping around for an annuity can increase an individual's retirement income by up to 20%.
Your pension provider may have provided a link to us. That's because the regulator for financial services - The Financial Conduct Authority - requires all pension providers to help customers easily identify if they could be getting a better deal by shopping around. Here you can compare products that provide a guaranteed income – either for life or for a fixed term.
If you are considering purchasing an annuity you would be best placed seeking professional financial advice or using a broker. Whichever route you choose, including going direct, you are likely to have to pay a fee and many independent advisers and open market brokers can often get slightly better rates or offer lower fees than going direct yourself. Not to mention they can help with all the paperwork. See our guide on shopping around. (Opens in a new window)
Watch this short video of people describing their experience when buying a guaranteed income. (Download the video transcript) link downloads a PDF
If your existing pension provider offers a Guaranteed Annuity Rate it will be hard to match – be sure to ask about this and then compare quotes.
Buying a guaranteed income (annuity) is just one of several options you have for using your pension pot. Find out more in our guide Options for using your pension pot.
Once you buy a guaranteed income you can't change your mind – get help or regulated financial advice before you commit. Find out more in next steps at the end of this tool.
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