Aviva Encourages Retirees To Shop Around For The Best Annuity Rates

Annuity provider Aviva has recently announced that retirees should be forced to shop around for the best annuity rates, to ensure they receive the best possible deal for their money.

This has angered other competing pension providers who do not want retirees to be forced to choose, arguing that their main business is driven by people who take the default option to choose their own company annuity rate.

David Barral from Aviva is meeting with the Treasury Minister to discuss this proposal, “The current retirement market is failing today’s retirees and the situation needs to be addressed as a matter of urgency...Without action now, this could mean serious consequences for the retirement income and security for future generations. Aviva is calling for changes throughout the industry to enable retirees everywhere to get the best possible deals in retirement. Greater transparency around the open market option would empower customers to obtain the retirement income they deserve.”

Getting the best annuity rates is vital, as annuity rates are generally lower than they were ten years ago. This is because people are living longer and interest rates are still low with the state of the economy. This means it is even more important for people to shop around for the best annuity and not accept their first deal.

Using the open market option to shop around is easy and free, and even more websites have been set up to help you compare annuity rates. Getting the bet rates allows retirees to plan for their retirement effectively and indulge in the things they have always wanted to do. More people are planning to travel, buy property abroad and spend money on friends and family. This means that a strong and stable financial situation is essential, and shopping around is the first steps to achieving this.