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Make sure you use your Open Market Option to get the best annuity rates. Your pension provider will always offer you an annuity rate and in 95% of cases this rate is not the best you can get. Therefore its imperative you utilise your open market option and go and seek independent advice at retirement.


Conventional annuity rates have dropped by 4% over the past three months. MGM Advantage’s annuity index Cani Jersey , which is based on the analysis of investment Life and Pensions Moneyfacts data, showed conventional annuity rates have dropped by 4.15% since June.


Enhanced annuities, annuity rates for impaired or clients with certain ill health, smokers etc dropped by 2.33%.


This 3% overall drop is the biggest decrease in annuity rates since Septemeber 2010 and it means that annuity rates have fallen by 5.79% since June 2009.


This drop is not a good sign but its important to understand the difference in annuity rates on the open market. For example a 60 yr old male with a ?50k pension pot can get a yearly income of ?3,239 with the best standard annuity rates.


However if the same person settled for one of the worst annuity rates then he would receive ?2 Blank Jersey ,831, per year. Over an average retirement this equates to ?6,938 in lost income.


Aston Goody of MGM Advantage said “These findings will put even more pressure on those people in or approaching retirement as they are faced with the reality of living longer, rising inflation and falling annuity rates.”


“And, the market volatility of recent months and weeks means the size of consumer pensions have also fallen – giving this group of customers even less money with which to buy an annuity in order to generate an income for the rest of their life.


“Consumers really need to do their homework at this crucial stage of their life and thats why simply drifting into an annuity with their existing pension company can be so financially damaging.”


Using your Open Market Option is key to ensuring you get the most income in your retirement Axel Werner Jersey , always seek independent advice when making an important decision about your retirement.


To get the most out of your pension speak to a specialist retirement adviser like ourselves. We help clients get the most from their pension using the open market option, visit our website www.retireright.co


Moneybarn, the UK’s leading specialist car funder today announced the launch of a new car finance product focused on providing no nonsense ‘prime’ levels of service, affordability and flexibility for the growing number of British consumers who are now viewed as ‘non prime’ by UK financial institutions.


moneybarn, previously known as Duncton plc Augusto Fernandez Jersey , have been trusted for over 20 years to finance cars for consumers with unusual or ‘non conforming’ circumstances, and with the introduction of a unique decision making process now have more freedom to responsibly lend to customers who are no longer accepted by prime lenders. More than just a credit score, moneybarn’s underwriting takes into account a further four variables – the trade value of the car, levels of customer debt, income and address stability and affordability over the duration of the agreement.


Global credit information provider Arda Turan Jersey , Equifax revealed this year that 1 in 3 consumers who applied for a credit card in the last 12 months were refused credit because they had a poor credit rating * and according to Credit Action, more than 100,000 people will be declared insolvent or bankrupt and over half a million Consumer County Court Judgements (CCJs) will be issued in the UK this year alone. **


Set against this economic climate, the need for all families to have access to reliable