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Statistics reveal that nearly two-thirds of the persons retiring in the United Kingdom had been accepting low annuity income schemes from their individual pension providers. They had never realized that the option of selecting an open market option will increase their monthly income by as much as 30% maximum, depending on the type of the open market option. This lack of knowledge about how annuity rates work and the process of obtaining the best annuity rates had resulted in a loss of thousands of pounds to such people every year until they are alive. Such people had not thought of inquiring around about annuity rates and analyzed the various pension annuity schemes that could have fetched them appreciably higher monthly incomes.

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Annuity rates are the rates that you will be receiving from your pension annuities. Such annuity rates are normally based on index-linked gilts and securities that provide a regular index-linked income, apart from offering you a fixed redemption value at a particular time in future. Normally, the annuity rates will decline with time due to lower inflation levels and expectancy of longer life. Further, the inflation will also erode the actual value of the money and the exact buying of power of the annuities being held by you from your pension benefit would invariably be lesser.

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