Don't Get Pushed Into Your Annuity: The Value Of Shopping Around

July 21, 2011 - PRLog -- According to recent news the number of pushy salespeople that pressure retirees into buying a certain annuity has risen, with many people unaware of their right to shop around.

As a consequence, people facing retirement are being pushed into buying an annuity which more often than not, is less valuable and less beneficial for investors than others that are available on the open market.

The drive to make a sale is thought to be connected with sales peoples’ need to reach targets, bring in some profit and keep their job – especially since the recession.

Experts say that the best ways to ensure you have the best deal is to use the open market option, a free option which allows you to shop around and scope out the whole market to see which quote would suit you best.

You can use free tools on the internet such as the online annuity calculator which allows you to enter certain information and then be presented with a list of results which rank your annuity options in order of value and attractiveness.

Using the open market option not only allows you to locate the best deal but it gives you time and opportunity to research the kinds of annuities available to you. There are so many different types of annuity that it can be overwhelming at first; however, there are also financial experts that can help you with this decision. Independent research is always advisable rather than accepting one person’s word or the advice of a letter through the post.

Many retirees are also unaware that they qualify for enhanced rates. The sales people that are trying to force a sale often do not take the retiree’s individual situation into account and do not make the investor aware that they might be eligible for higher annuity rates or even enhanced quotes such as smokers annuity rates.

This is both illegal and unfair, which is why the ombudsman is investigating many of these pension providers to ensure fair practice and put a stop to any mis-selling.

With many retirees unaware of their choices, it has been difficult for the Government to get the word out about the vital part of the annuity buying process which involves research and investigation.

Retirees do not need to accept their first offer, and pushy sales people should not take advantage of ill-informed people that will potentially lose out on thousands of pounds of their pension income.

Reference:
http://sigmaannuities.co.uk/annuity-calculator.html
http://sigmaannuities.co.uk/smokers-annuity.html

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About Sigma Annuities: http://sigmaannuities.co.uk

Sigma was formed with the sole purpose of providing an alternative to the countless wealth management and financial advice firms offering traditional and outdated products and portfolio management solutions.

In 2008 Sigma became one of the first firms in the country to be awarded the prestigious title of Chartered Financial Planner.