Although there are many honest and reliable annuity providers around, it is vital that you keep an eye out for those looking to grab your pension pot and give very little or even nothing in return.
Here are just a few tips on how to avoid getting ripped off by providers who offer something that appears ‘too good to be true:
- Always shop around – it cannot be stressed enough how important it is for those who are new to the concept of pension schemes or even those who have not dealt with the burden of low annuity rates to ensure they not only get the best possible advice available, but also place their retirement in the hands of a dependable company. Without shopping around, you could lose out on receiving a good pension income which could impact the quality of your life.
- Take into consideration your personal circumstances – This does not mean only reviewing your health and physical and mental well-being, it also means looking at alternative pensions that you have and the rate of income that you will need.
- Comparing quotes is a fantastic idea and a great way to find the annuity rate that is best for you. The best way to do this is to go through a reputable company to ensure that you have covered all the rates available.
These tips are designed with your best interests at heart and to ensure you a stress-free retirement process.