If you have a private pension or ‘money purchase’ company pension you’ll be able to take some of the cash you’ve accumulated as a tax-free lump sum, typically up to 25%. All or part of the rest can then be used to buy your annuity.
It's very easy to simply sign your forms and accept the annuity offered from your current pension provider... but that could literally cost you thousands of pounds!
Don't make a very expensive mistake by missing your opportunity to exercise your 'open market option'. This allows you to shop around and get quotes from other annuity providers.
You could boost your income by up to 27%* by shopping around to see what rates are available
If you're worried that it's complicated and time-consuming Key can do all the hard work for you. You'll get quotes from the whole annuity market so you can be confident you have all the facts before committing to anything.
*Based on Key's average customer 2017 - Male, Married, aged 66, history of heart attack, diabetes, high blood pressure and a smoker, fund value £51,754. It depends on your individual circumstances if you are able to achieve these increases above.