Annuities Comparison is 'Critically Important'

MANCHESTER, England, Sept. 13 /PRNewswire/ -- Annuities specialists from annuitysupermarket.com have reiterated the importance of using the Open Market Option when shopping for annuities.

As has been widely reported in the media recently, annuity rates are falling and retirement finances are becoming tighter. Specialists from Annuity Supermarket believe this puts more importance than ever before on exercising your right to shop around. Independent Financial Advisor, Jennie Gray,  comments that;

"A large number of retirees still simply take the annuity rates offered to them by their pension providers. It's remarkable that, for a purchase this big, a purchase that effectively makes a big difference to your retirement lifestyle, some are still not shopping around. The Open Market Option is there to enable retirees to scour the open market and find the best rates available to them. In a time of tightening finances, that's more important than ever before."

It is thought that in excess of 40% of retirees could also qualify for enhanced annuities, with eligibility criteria including having smoked for ten years or more or taking medication for a pre-existing medical condition. Yet those who accept the first offer from their pension providers could be missing out. Even those who don't qualify for enhanced rates could still increase their retirement income by using the open market option, as Jennie explains;

"Shopping around could mean you end up with anything up to 1000 pounds Sterling per year more. When you consider the duration of your retirement, that's a significant amount to simply overlook."

For expert advice on shopping around for the best annuities, visit annuitysupermarket.com or contact 0800 644 6021.

SOURCE Annuity Supermarket Ltd