Annuity Rates - How do they Work?

Comparing annuity rates and getting the best annuity rate for your hard earned pension savings is one of the most important financial decisions you will ever make.

Once you have made your choice, you will be locked into that rate for the rest of your life; so choosing the right plan is key to optimising your retirement income.

Visit our recent pension articles with all the latest updates on the pension reforms here

Whilst each provider will base their pension annuity rates on your own personal circumstances such as age, health and lifestyle, they will also apply their own experiences and profit margins which is why they offer differing levels of income. 

Some will offer greater enhanced annuity rates for different health conditions or optional features such as index linking; so you can see why shopping around is so important.

This shouldn’t be daunting though as comparing annuity rates is a fairly straight forward process provided you give yourself sufficient time to consider your options.

The Key Retirement annuity rate calculator is a good starting point to understand how much more retirement income you could get.

It’s worth noting that a bit like interest rates, current annuity rates fluctuate over any given period of time, so it’s always worth getting new quotes to ensure you are getting the best annuity rates just before you apply. 

The team at Key Retirement will be on hand to answer any questions, search the whole of the market for the best annuity rates and help you make that final decision when the time comes.


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