The Open Market Option
It pays to shop around
You are not obliged to purchase an annuity from your pension provider (the company with which you have been saving for retirement over a number of years).
Indeed, the annuities offered by your pension provider may not be the best available. You are entitled to transfer your pension savings to a different insurance company to provide your annuity - this is called "exercising your open market option".
Everyone nearing retirement is therefore encouraged to shop around before buying an annuity. You could increase your income in retirement by a significant amount.
Hodge Lifetime only offers its annuities under the Open Market Option. You can therefore be assured that our annuity rates are competitive. But don’t take our word for it - compare our annuity quotes with those of our competitors.
Exercising the Open Market Option isn't difficult or complicated. Your adviser or broker should help you to complete all of the application paperwork. Once you have applied to us, we will do the work required to transfer your pension funds to us to provide your annuity.