What is an Open Market Option

The Open Market Option is a feature of most pension contracts (some very old contracts may not have this feature). It is without doubt, the most important feature you can have when approaching retirement because without it, you would be stuck with buying an annuity from your pension provider... and what incentive would there be for them to offer you a competitive rate if you cannot shop around?

As it happens, the vast majority of people do not take up the Open Market Option, they simply take what is offered to them. Whether this is apathy or not realising that their pension fund is something quite different to the actual product that provides an income (an annuity) it means that most pension providers rarely offer a competitive annuity for all the years you have been saving with them.

Since you're on this site you must be looking for a better annuity and we can certainly find you one! Furthermore, you can benefit from expert advice that will enable you to consider more than just a conventional annuity - there is so much to choose from. Be prepared to consider other options before you commit to investing your pension.

A few tips to get you started....

We offer professional advice encompassing all your options at retirement

You can choose to pay for advice by fee or, as most people do, by allowing us to receive a commission payment from the provider - all quotes that we provide will take account of any commission as will any other quotes you may receive from other sources, so the income quoted is the income you will receive (impaired life may require a medical, terms are usually valid for 14 days on most annuity contracts).

Fully utilise all of the calculators on this site to see what level of income you may be able to secure and how inflation will affect this.

Contact us and ask any questions you need to. Our expert annuity advisers are on hand to help you. Just pick up the phone, the call is free!

Feel free to talk to other financial advisers, when it comes to annuities you will find the terms available are pretty much the same wherever you go. However, service is not always the same and this is crucial when arranging an annuity otherwise you may lose the rate on offer if your application is not progressed swiftly.