An Annuity is the financial instrument which provides you with your pension income. For years many people have been buying an annuity from their pension provider without shopping around.
If you shop around for an alternative annuity quote, you will normally be able to get a better rate which means you will get a bigger pension.
A financial adviser sourced from the Pension Adviser Network will be able to compare your providers annuity with quotes from the whole marketplace to see if you can get a bigger pension.
Annuities are complex financial instruments and there are other options such as impaired health annuities - so it is sensible to use a qualified financial adviser to get the best annuity for yourself.
The 2014 Budget has impacted on retirement issues and will most likely result in annuities being used less. From April 2015, Drawdown is likely to become a more popular option. We recommend that you seek a qualified financial adviser to help you make the right choice.