The open market option means that when you come to retire, you don't have to take your annuity with the same company that provided your pension plan. You can ask another company to give you an annuity if its rates are better. This means that you can buy your annuity from us even if your pension plan is with another company, or buy your annuity with another company if your pension plan is currently with us.
And it's worth shopping around for the right deal, as rates can vary.
What should I look out for?
Remember to look for the best rate for the particular options you've chosen. A company that offers the top rate for a single life annuity may not offer the best rate for a joint life annuity or for the other options you've chosen.
In addition, different companies may target different customers so may offer different rates for different ages or better rates if you've a higher amount to buy your annuity with.
How do I find out what rates different companies offer?
Your financial adviser should be able to give you quotes from the top few companies. If you don't have a financial adviser, the Financial Services Authority has an annuity rate comparison service. You can find this at www.fsa.gov.uk/tables/
Plan today, enjoy tomorrow
Do you know how much you’ll need to live on when you retire? Our online tools can help you add up your current and future costs.
Next steps
Read the how to apply section then contact us for a quote. Phone* 08456 01 52 73 or email us.
If you’d like more information about pensions and retirement, you should talk to a financial adviser.
Questions about your annuity?
If you are a policyholder contact us* on
08456 10 00 10
Monday-Friday 8.30am-5.30pm
* We may monitor or record calls for training and quality purposes. Our staff can only provide information about our own products. They're not allowed to give you financial advice.