01706 559070

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MyLovelyRetirement - The Pension Advice Service:

Service & Fees Site Map Terms & Conditions (MLR) is a trading style of Farsight Financial which is authorised and regulated by the Financial Conduct Authority.

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What Do You Need To Know?

  • In most cases you have a right to transfer your pension fund to any pension provider of your choice - this is known as the Open Market Option. You should take advantage of this option and obtain quotations from many different pension companies because no one company offers the best solution in all circumstances.

  • You should obtain an annuity quotation from your existing provider as a comparison and ask them if you have a guaranteed annuity rate (GAR) built into your plan either now or for a retirement date in the future; this may offer a much higher income than a new provider and you could lose the guaranteed rate if you change provider.

  • You should also ask your existing provider if you are entitled to take a Tax-Free Cash payment of more than 25% of the value of your fund as you would lose this option if you transferred to a new provider.

  • offers a pension advice service designed to help you make the best use of your Open Market Option to find a better pension income. In the Alternatives section of our site you will find more information on the alternatives to annuities for producing retirement income.

  • If an annuity is the right option for you MyLovelyRetirement will not assess all providers in the market place, we provide you with the best annuity quote we can find from our selected panel of providers. We regularly assess the market place and select our panel of providers from those we identify as being most competitive, offering reliable service and adequate regulatory financial strength.

  • If you buy your pension with a new company, rather than the one that currently holds your pension fund, the fund will be transferred from one to the other. If your pension is invested in funds linked to investment markets then the amount transferred may be more or less than the amount quoted depending on how the fund performs in the period between the quote and the transfer. Once the transfer process starts investment markets may rise or fall but as your fund will not be invested at this point you will not benefit from any rises, although you would also not experience any falls.

  • Annuity rates change frequently and in most cases providers will only guarantee a rate they quote for a specified period of time. We will draw your attention to any deadlines the provider gives. We will endeavour to help you decide and act on a quote as quickly as we can and will process your instructions promptly; however, if for any reason your application completes after the rate guarantee period then you may get a higher or lower annuity rate than the initial quotation.

  • If insurance companies include any health problems you may have (such as heart attacks, strokes, etc.) in your enhanced annuity quotation you may be asked to attend a medical examination to verify your health condition before the provider will accept your application.

  • Taxation of annuities depends on individual circumstances and changes to the taxation rules may increase the amount of tax you pay on the pension income paid to you.

  • If you are aged 60 or over and all your pension savings in all the pension schemes you belong to are worth no more than £30,000 you may be able to take all your pension pots as a lump sum.

The North West's Local Pension Service - call our landline - 01706 559070.

Market Watch:

Most recent market movement is DOWN.


FTSE 100 opened down 16 points at 7486 - 14th December 2017.

GAD Watch:

Most recent GAD rate movement is DOWN.


December 2017 GAD rate is down 0.25% at 1.50%.

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Changes in the way you can take your pension and the new options available to you make it more important than ever to get independent financial advice.


To help you understand the choices out there and make sense of the alternatives, MyLovelyRetirement offers an assessment of your current situation and advice on the options you have. 


There is no obligation and if you decide not to act on our recommendation there's no charge for our time; if you do proceed with our recommendation we'll reduce our initial fee by 25% as a thank you for choosing us.

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