Know your open market option annuity providers
There are 14 annuity providers who currently offer annuity products to customers who do not have an existing pension with them (known as the annuity open market option). There are many different types of annuity and not all annuity companies provide the different annuities. The list below shows the different types of annuity and which annuity companies provide them. If you are not sure what an annuity is please click here for more detail.
The annuity market is split into 4 sections, Lifetime Annuities, Enhanced Annuities and Impaired Annuities and Fixed Term Annuities.
Lifetime Annuity Providers
Enhanced Annuity Providers
Impaired Annuity Providers
Fixed Term Annuity Providers
Lifetime Annuity is an annuity product which is designed for customers who do not have any medical conditions and their lifestyle is healthy. Lifetime annuities normally pay the least Annuity income as these customers are expected to have a long life expectancy. Lifetime Annuities are also called Annuity, Standard Annuity, Conventional Annuity, Guaranteed Annuity, Pension Annuity, retirement Annuity and retirement Income.
Lifetime Annuity providers and some key information;
Aegon/Scottish Equitable Lifetime Annuities
Aviva Lifetime Annuities
Canada Life Lifetime Annuities
Hodge Lifetime retirement Solutions Lifetime Annuities
Legal and General Lifetime Annuities
Prudential Lifetime Annuities
Scottish Widows Lifetime Annuities
Standard Life Lifetime Annuities
Enhanced Annuities is an annuity product which is designed for customers who have minor medical conditions and their lifestyle conditions are deemed to reduce life expectancy. These conditions include high blood pressure and high cholesterol, have a medium to high alcohol consumption and have been continually smoking tobacco in the last ten years. Enhanced annuities pay more retirement income than Lifetime annuities as these customers are expected to have a shorter life expectancy. Enhanced Annuities are also called Lifestyle annuity or smoker annuity.
Enhanced annuity providers and some key information;
Aviva Enhanced Annuities
Canada Life Enhanced Annuities
Just retirement Enhanced Annuities
Legal and General Enhanced Annuities
LV= Enhanced Annuities
MG Advantage Enhanced Annuities
Partnership Enhanced Annuities
Impaired Life Annuity
Impaired Life Annuities is an annuity product which is designed for customers who have serious medical conditions and is deemed to reduce life expectancy. These conditions are classed as life threatening conditions such as Cancer, Heart disease, recently had a stroke and many other medical conditions. Impaired life annuities pay more retirement income than any other annuity product because these customers are expected to have a greatly reduced life expectancy. Impaired life annuities are often confused with enhanced annuities.
Impaired Life annuity providers and some key information;
Just retirement Impaired Life Annuities
LV= Impaired Life Annuities
MG Advantage Impaired Life Annuities
Partnership Impaired Life Annuities
Fixed Term Annuity
Fixed Term Annuities is an annuity product which is designed for customers who want a flexible annuity which means they are not looking for a guaranteed retirement income for the rest of their life. At the end of the fixed term, which is between 3 to 10 years, you can transfer the remaining fund into a lifetime, enhanced or impaired life annuity. Fixed term annuities are guaranteed alternative to income drawdown. This Annuity product was first launched by Met Life in 2006 and classed by the FSA as an unsecured pension.
Fixed Term annuity providers and some key information;
Aviva Fixed Term Annuities
Met Life Fixed Term Annuity
Just retirement Fixed Term Annuities
LV= Fixed Term Annuities
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