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Retiring in 2012?
Make sure you maximise your income.
As you approach retirement your pension provider will be in touch with details of the level of income they will offer you.
The vast majority of people simply accept this offer without realising that they could potentially significantly increase their retirement income by using an Open Market Option.
What is an Open Market Option?
In simple terms an Open Market Option allows you to move your pension fund at retirement from one Insurance Company to another without penalising the fund.
Why would I want to do that?
Different Insurance Companies will pay different levels of income for the same size fund. This means you can increase the level of your retirement income by simply switching from one company to another.
How much extra could I receive?
This depends on various factors. Most companies will provide your income by supplying you with an Annuity. Some companies will offer Enhanced Annuities for smokers, some companies will offer higher annuities for clients with medical conditions (Impaired Life Annuities).
You could receive up to 40% extra income for life (based on a smoker with a serious medical condition)
How do I find out if I qualify?
You should approach an Independent Financial Advisor who specialises in Impaired Life Annuities. The will usually be able to advise if you qualify for an Enhanced Annuity or an Impaired Life Annuity within 20 minutes.
We are pleased to offer the services of Retirement Solutions who are one of the countries leading Annuity Specialists, simply click on the 'Annuity Information Request' button at the top of the page.
Retirement Solutions will offer you independent advice on all your retirement options and will guide you through the Impaired Life Annuity maze.
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