The FCA previously found that 60% of customers were not switching providers when they bought an annuity and up to 80% of these customers could get a better deal on the open market
– Financial Conduct Authority, July 2016
I mean why wouldn’t you? We shop for the best car insurance… we shop for the best petrol price and some of the more frugal will even try to save a penny on a loaf of bread. And yet when it comes to the most important decision we can make as we enter our ‘Third Age’ we accept what is already in front of us. The numbers are clear. Out of 100,000 people 60,000 do not shop around and of that 60,000, 48,000 could have got a better deal on the open market.
‘Yes but then there’s the hassle…’
My Pension Expert is the UK’s number one at retirement specialist. We offer an armchair service throughout the process and we search the whole of the market to find the best rates for you. So, similarly to your preferred shopping delivery service, tell us what you want and we will shop around and deliver the products you want.
‘But how much better off could I be…’
Well that depends on you, your lifestyle, your pension pots, your fund size- but we will do all the checks and research for you, we’ll search for the best rates on the market and we may even be able to get you enhanced rates, depending on your circumstances
For example: Kenneth is 65 and has a fund size of £100,000 he’s fit and healthy and his current annuity income is £3,899 per year. If Kenneth was smoking ten cigarettes each day that could increase his annual income by 11% – an additional £900 per year.
A number of health and lifestyle habits could further increase that too. If Kenneth was smoking overweight and diagnosed with type 2 diabetes then he could benefit from an addition 32% pension income for life.