Where Do I start?
If you are approaching retirement you will be entitled to an Open Market Option (OMO) which is your right to take the fund you've built up in one or more pension plans and buy a pension (annuity or an alternative) from any pension provider in the market.
You are usually able to transfer your pension fund(s) to a different provider to buy a pension and take a tax free lump sum at any time after your 55th birthday.
In some circumstances you will be able to take the whole of your pension fund(s) in cash.
When considering taking a pension you should shop around. You may be looking to take an annuity from your pension fund and get the highest income possible or you may want an alternative that offers flexibility in how and when you take your income.
If you simply use your existing pension provider, the chances are that they will not be offering the best rates or most suitable products on the market. Also you have a legal right to shop around and if you find that an annuity is right for you and you can't then get a better rate on the open market, you can still buy an income for life through your existing provider. So you have nothing to lose by checking the rates available elsewhere.
How Do I Compare Rates & Products?
The mylovelyretirement service will compare the pension you are being offered by your current pension provider and check whether you can get a higher income or more flexibility and other options elsewhere.
Our website offers a Quick Quote facility where you provide us with some very basic details and we give you an indication of the annuity income available to you. This will also give you details of the effect of adding options such as Joint Life or a Guarantee Period.
You will then need a more personalised consultation that takes into account your circumstances, goals, fund size, other pension arrangements and everything else you would expect professional advisers to consider.
We will recommend a solution to you and if you like what you see we will help you complete all
of the forms and will deal with your chosen pension provider on your behalf.
As retirement specialists we are used to making sure pension purchases are dealt with
smoothly and we are very aware that our clients want their tax free cash and income
as soon as possible; for many it will be their only source of income.
If you have any trouble completing anything at any stage, don't worry, we are happy to help
and please don't hesitate to contact us if you need any assistance at any time.
Our typical charge is 2% of the amount you invest. So, for example, on a £50,000 investment
our fee would be £1,000.
The fee is generally paid by the chosen provider from your pension fund but if you prefer you can choose to pay us directly.
The Financial Services industry is committed to independent advice and so providers don't offer better rates for customers who approach them directly; this is because it's vital you have considered the whole market before you select your provider.
So, by trying to organise your pension yourself you might miss the provider that specialises in the areas you you are looking for. So why not leave the process to the experts?
Taking your pension by using your right to an open market option through MyLovelyRetirement
is generally as easy as taking the pension from your existing provider.
Mylovelyretirement.co.uk offers a pension advice service designed to help you make the best use of your Open Market Option to find a better pension income.
Annuities – for many people an annuity could still be the best choice when deciding how to take your pension. We will discuss the the options available with you (guarantee periods, escalation in payment, joint or single life, etc.) and source the best rate from our providers.
Alternatives – there are now even more options available to you and we will help you decide whether an annuity is the right choice and if it isn’t look at what other options are available; from fixed term annuities, through the drawdown products to taking the whole fund as a lump sum.
MyLovelyRetirement.co.uk (MLR) is a trading style of Farsight Financial which is authorised and regulated by the Financial Conduct Authority.