Get 40% more income with the open market option

The “Open Market Option” was introduced in the Finance Act 1978, and it basically allows people to transfer their pension fund when they retire to a different company, in order to achieve the best annuity rates.

This must be completed before the current provider draws up any papers on the pension. In most cases, the current provider does not offer the best annuities quotes and you could therefore boost your income by upto 40% just by shopping around.

It is alarming to note that around 60% of people still do not shop around for the best rates, and therefore miss out on potentially thousands of pounds.

Mrs. Whittal from Margate commented “I was reluctant to shop around at first, because I knew it would take some time to do my research and this was time I simply did not have. Luckily, my daughter made me aware of the open market option, and told me how much more income I could make simply by asking. It didn’t take as long as I thought, and it was well worth doing. Now I have one of the best rates out there and I am so happy with my financial decision”

Many pension specialists can help you to find out the best rates, so you are not on your own. The open market option can sometimes be baffling to those who do not know what they are doing, so an expert in this area can make you aware of what the market is currently doing and what option would be best for you.

It is always worth asking questions and researching further, because it is ultimately your money which is at stake.