What is the open market option for annuities?
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In short: Your right to buy an annuity from any UK provider — not just the company that holds your pension. Rates vary significantly; shopping the open market often secures higher lifetime income.
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Reviewed by Kaiser Khan
Your pension provider must tell you about the open market option before you annuitise.
Enhanced annuities pay more if health conditions qualify.
See buying a pension annuity guide.
Primary source: gov.uk/tax-on-your-private-pension/what-you-can-do-with-your-private-pension-pot
Part of our Pensions & retirement
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