Open Market Option

Having built up your pension savings, when you wish to take your benefits, your existing pension provider will usually offer you a Pension Annuity, but you do not have to purchase your annuity from the company used to build up the fund. You have the right to take the Annuity from any provider you wish. This is called the "Open Market Option".

Annuity rates vary greatly between insurance companies. Whilst your existing provider may offer you an annuity income, this may well not be the best available. You can therefore exercise your Open Market Option and shop around to see what rates or arrangements other insurance companies can offer.

The best rate, and therefore the amount that you will receive for the remainder of your life and possibly your spouse's or civil partner's life, could be as much as 50% higher than the worst.

If you have an Occupational Money Purchase Pension, the trustees of the scheme may buy your Pension Annuity for you. However, you can also exercise your 'Open Market Option' to find a better alternative.

We can find you the best rate with only a few basic details from you, and for which there is no charge. Complete our quick enquiry form or call our Freephone number.

Download our comprehensive pension options guide by clicking on the above image.

Financial Advisers

Jonathan Walker
Jonathan is the director and joint owner of the Pension Drawdown Company.

Robert Bolton
Robert is a practising Barrister and is also fully qualified as a Diplomaed Financial Adviser.

Bob Diamond
Bob is a Pension Specialist who has been with the company since its incorporation in 1996. Bob has been a financial adviser since 1989.

Andrew Ross
Andrew is a qualified financial adviser and is undertaking further training to become fully diplomaed.

Roger Easterbrook
Roger is a financial adviser with a background in Executive Search and is close to completing the Diploma.

Click here for more team members.

Market Monitor

Updated: 6th February 2012

Signs of an improvement in the US economy and an absence of bad news from Europe helped global equities stage their strongest weekly rally in several months. A surge in hiring in the US economy drove the Nasdaq index to an 11-year high on Friday, as optimism grew that the jobs market is on a steady path to recovery. Technology stocks gained a further boost as Facebook 's long-awaited IPO filing drove a two-day rally in internet names. The US dollar rose against the euro, the pound and the yen as investors speculated that the positive signal on the US economy would lessen the chance of a further round of quantitative easing.

European stocks closed at their highest in more than six months, while the FTSE 100 closed at its highest since last August. For the second week in a row, government bonds rallied as talks continued over the eurozone debt crisis with private creditors to Greece coming closer to an agreement on the country's debt. However, the week's news wasn't all positive, as Portuguese government bond yields surged to much the same levels that forced Greece to ask the EU for a second bail-out last year.

Important information: This update is intended to be for information purposes only.

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