What is a guaranteed annuity rate and how does it compare to other annuity rates?

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Some pension plans offer a guaranteed annuity rate when you open them. If you have this benefit, it means your plan will guarantee to offer you a particular annuity rate, even if the market rate is different. It is important to check if you have this benefit as it may give you a much higher pension than you'd get by buying one in the open market.

It's important to note that you’ll lose your right to the guaranteed annuity rate if you:

  • take all your fund as cash
  • transfer to another pension provider
  • take an Open Market Option
  • transfer to one of our platform products

If you are unsure if your plan has this benefit please contact us or your financial adviser. If you don't have a financial adviser please visit www.unbiased.co.uk(Opens new window)