Luke Judge

Many UK workers approaching retirement age will need to make decisions on how to spend their pension savings. For many, this will mean buying annuities to provide a regular income. Those that are able to use the open market to compare rates may find that this gives them more to spend. An annuity table or calculator may make this process easier.

Why is Shopping for Open Market Annuities a Good Idea?

Although some consumers in certain pension schemes have to accept the annuity offer they are given, many can actually use the open market. As an individual approaches retirement age, their pensions provider may make them an offer for one of their own products.

If the individual is not tied in, then they could search for other options on the open market and use their savings to buy from a different company. If they can find better annuity rates elsewhere, then their pension income could be boosted. This could help improve how much they have to spend in retirement.

How Can an Online Annuity Table or Calculator Help?

An annuity table or calculation tool brings together a range of products and allows the individual to find the best deal at time of purchase. On a basic level, tables may simply list providers and rates. More sophisticated tools will ask a series of qualifying questions to produce a more targeted short list. So, for example, a calculator may ask the individual to key in their:

• Gender, age and marital status.
• Available pension pot.
• Health status (i.e. whether they smoke or have medical conditions).
• Preferences on annuity types.

The answers to these questions can help target appropriate solutions. Those in poor health, for example, could be directed to impaired products that may come with higher payouts. A married couple could be shown products that could continue to pay out after the death of the annuity holder or a single person could be guided towards annuities designed to cover one life.

Things to Consider Before Using an Annuity Table or Calculator

It’s worth remembering that some tables and calculators are provided by brokers rather than independent sites. This may involve giving information and then being contacted by the broker to discuss options. This may not be an issue if the individual wants to use a third party to source an annuity although it is wise to use a company/advisor that can search through the entire open market rather than just a few companies.

Those looking for general information, however, may find it better to use an independent annuity table or calculator, at least to begin with. Many find that the Consumer Financial Education Body’s Moneymadeclear

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