Open Market Option Offers the 'Best Annuity Rates'

READING, England, Jan. 10, 2011 /PRNewswire/ -- Retirement finance experts at Annuity Supermarket believe that too many retirees are still missing out on the best annuity rates as a result of failing to use their Open Market Option.

Independent Financial Advisor, Jennie Gray, believes that pensions providers have a responsibility to make retirees aware, commenting:

"While pensions providers now have to include information about the Open Market Option to retirees, in some cases the mention of it is hidden away amongst pages and pages of information in an annuities information pack. Pensions providers are obviously keen for retirees to take their own options, but what many retirees do not realise is that they could get far better rates by shopping around."

Despite the fact that the Open Market Option enables those purchasing an annuity to compare the best rates on the market from all providers, as many at 65% of retirees fail to take advantage. Jennie hopes that increased media coverage of Open Market annuities will change this, adding:

"We're gradually beginning to see more coverage of the Open Market Option  in the media and this should certainly increase awareness.  We really hope this leads to more people at least looking into their other options before making any decisions."

For more information on annuities or to find the best annuity rates available to you, contact Annuity Supermarket on 0800 644 6021 or visit http://www.annuitysupermarket.com.

SOURCE Annuity Supermarket Ltd