What is an Annuity
An annuity is the income paid to you for life by an Insurer in return for a lump sum paid to them either from your pension fund or your own capital.
Should you shop around for a bigger annuity?
Yes- Whilst its nice to retire, it’s even better, if you have a larger income to enjoy it ! That’s why legislation now insists that all personal pension providers give you an Open Market Option - the right to shop around for the best annuity, before taking the benefits simply from your existing pension.
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