It pays to shop around when buying an annuity

Written by Retirement Line Updated: 4th February 2025

You could get a better deal by comparing annuity quotes with Retirement Line

Many people don’t realise it, but you can take your pension pot away from your existing pension provider to get better annuity rates elsewhere. Just accepting their annuity offer can be an expensive mistake. With our help, you can compare annuity quotes from all the UK’s leading providers. You may be able to achieve more income from an annuity than if you were to stay with your pension scheme’s default annuity.

Your right to choose

The Open Market Option is your right to take control of your retirement income by shopping around for the best annuity or other income solution. You are currently able to do this from the age of 55, though this is increasing to 57 from April 2028. 

If you have a defined contribution pension, your provider will likely send you information about your income options, including their annuity quotation. It’s important to remember that by exercising your right to choose, you can compare this quotation with offers from other providers and potentially secure a higher income. 

Remember, this is your pension pot, your money and your future - so don’t settle for less when you can use the Open Market Option to maximise your income.

Why shopping around is crucial

You only have one opportunity to make the right decision with a lifetime annuity, as once it’s set up, it cannot be changed. That’s why it’s crucial to shop around, choose wisely and ensure your choice aligns with your financial goals.

By sticking with your current pension provider, you could lose out on thousands of pounds over the course of your retirement. Shopping around with Retirement Line’s annuity quotes and information service ensures you won’t miss out on valuable guaranteed income.

Annuity rates can vary significantly. With providers regularly updating them, there's often the potential to find a better deal. Chances are, you could find a more competitive rate than your current pension provider is offering – giving you the opportunity to secure more income for your retirement.

We have secured deals with the UK’s leading providers to give you access to competitive rates. This approach ensures that you get the best possible income from your pension savings, giving you greater financial security in retirement.

Access the full range of annuity options

As well as differences in annuity rates between providers, they also each offer their  own range of annuities. By asking us to do the comparing for you, you can review all the different annuity types and product options available to find the most suitable product for your unique circumstances.

As part of this service, our friendly Annuity Specialists will explain your annuity options to you so you can be confident in your decision. To help you get started, here are just a few examples of how you can tailor your annuity:

• By disclosing information about your health and lifestyle, you could secure up to 75% more income with an enhanced annuity. This provides a higher income for life if you have one of over 1,500 qualifying health conditions or lifestyle factors, such as high blood pressure or a history of smoking. 

• Fixed-term annuities provide flexibility by allowing you to choose an income for a specific number of years, after which you can review your options. 

• Other choices include joint-life annuities. This is one of several annuity death benefit options which enable you to provide an income for your partner or other dependent if you pass away. 

• Or, for those concerned about the impact of inflation on your income over time, escalating annuities increase your income each year to help combat the effect of rising prices. 

With so many options available, it’s easy to feel overwhelmed by your choices, but that’s where we help. Through our personalised telephone-based annuity service, our team explains everything and compares options for you. With our help, you can get an annuity that is tailored to your personal circumstances and income goals.

What our customers say

Our customers frequently tell us how much they value our expertise, professionalism, and dedication to finding the best annuity deals. By choosing Retirement Line to do the shopping around for you, you’re not just getting access to competitive rates – you’re also benefiting from our exceptional service.

Here’s what some of our happy customers have had to say recently about their experience…

• “Retirement Line have been a pleasure to deal with from the day I first got in touch to the day they sorted my annuity. They were attentive without being pushy, took time to understand my needs and responded within minutes or a few hours to requests for information. And they found me the best rate available on the market (I checked other sources to make sure). I couldn't have asked for a better service and would thoroughly recommend them.” Francis Hallawell, 04 January 2025.

• “They are extremely helpful, friendly and make everything so easy. They explain everything very well and nothing is too much trouble.” Lynne Giles, 23 December 2024.

• “Retirement Line provided an excellent service for me… giving concise and very helpful guidance on types of annuities available and the best rates on the market. The very speedy transfer of my pension fund to my new annuity provider took only two weeks! I can thoroughly recommend Retirement Line!” Martin Firth, 28 November 2024.

You can read many more reviews like the above on our TrustPilot review page. Thousands of our clients have rated our service a five-star experience. Why not get in touch for the help you need to secure your financial future?

We make your life easier

By exploring different annuity providers with Retirement Line, you can compare as many annuity quotes as you need to find the best annuity rates. You can also tailor your options to arrange an annuity that better suits your unique wants and needs.

Best of all, when you request an annuity quote from us, we take care of all the legwork, allowing you to focus on choosing the right option for you. Our specialists really go the extra mile to make the process as simple and hassle-free as possible for you.

You can use our free pension annuity calculator to see how much income you could secure with an annuity - or call us today on 0800 652 1316 or request a callback and one of our friendly team will be here to help.

Click here for your free, no-obligation annuity quote