It is a common misconception that you can only purchase your annuity from your pension provider. You don’t have to and you are free to take your pension pot to shop around the market and get the best annuity for your needs.
This is commonly known as taking the Open Market Option.
Don't miss out We estimate that more than 150,000 people each year fail to benefit from the most competitive annuity rates and this can mean missing out on potentially thousands of pounds in lost income. Exercising your right to use the Open Market Option means you don't have to accept what your pension provider offers.
Financial advice is key There are a number of annuity providers and many online comparison sites which can give you quotes for your annuity. However, given the importance of the decisions you need to make, and the need to look at a number of providers to get the most competitive rate, we believe it's worth seeking expert financial advice.
We recommend you contact your financial adviser to discuss your options in more detail.
If you don't have one, the website Unbiased.co.uk can help you find a professional local to you.
Useful links Our 'jargon buster' - an A-Z of financial terms
Annuity options
Questions about annuities