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Pensions

What is the open market option for annuities?

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In short: Your right to buy an annuity from any UK provider — not just the company that holds your pension. Rates vary significantly; shopping the open market often secures higher lifetime income.

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Your pension provider must tell you about the open market option before you annuitise.

Enhanced annuities pay more if health conditions qualify.

See buying a pension annuity guide.

Part of our Pensions & retirement

This quick answer sits inside our wider pensions & retirement hub — with sub-guides, calculators and step-by-step explainers on the same topic.

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