Falling Annuity Rates Makes Open Market Option 'Vital'

Oct 11, 2010, 07:27 ET from Annuity Supermarket Ltd

READING, England, Oct. 11 /PRNewswire/ -- Annuities experts at annuitysupermarket.com believe that falling annuity rates means the Open Market Option is more important than ever before.

Independent Financial Advisor, Jennie Gray, comments that; "The Open Market Option basically gives a retiree the right to shop around and take the best rates they can get for their pension fund, irrespective of the provider. Nobody has to buy their annuities from their pension provider anymore."

Jennie even goes as far as to say that the Open Market Option should be made compulsory; "The talk of making the Open Market Option compulsory certainly has scope. So few retirees actually shop around, despite the fact that doing so could enhance their annual income by up to 1,000 pounds Sterling! That's a substantial figure and perhaps only in making the Open Market Option an automatic and compulsory element of the annuities purchase process, will we be able to ensure everyone is getting the most they possibly can from their funds."

For help or advice on finding the best annuity rates for you, visit annuitysupermarket.com or call 0800 644 6021.

SOURCE Annuity Supermarket Ltd