Buying an Annuity

When you’re ready to take your benefits, choosing the most suitable Annuity is important, as once you’ve bought it there's no going back - so you've got to get it right first time. You could possibly increase the level of income you receive by shopping around the different annuity providers for the best deal, just like any other purchase you might make. Should you have health problems, you might be eligible for an 'enhanced' or 'impaired' annuity. These products pay better rates because the annuity providers expect to pay the Annuity over a shorter period.

It's your right to choose who provides your annuity

Under your pension plan you have what’s called an ‘open-market option’ (OMO). This means you don’t have to take the Annuity offered to you by Zurich, but have the right to take your fund to another provider who may offer a higher Annuity Rate, giving you more income.

You can get help with buying an annuity

To make it easier for you, the Trustees of the Royal Mail Defined Contribution Plan have enlisted the help of independent annuity brokers 'The Open Market Annuity Service Limited' who can help you find the best deal for your individual circumstances. For more help and information log-on to the annuity service website, by using the following link http://www.royalmailannuityservice.com/retiringsoon/

Contact details for The Open Market Annuity Service limited are, as follows:

Address:
The Open Market Annuity Service Limited
3rd Floor, Arena Building
Belfast
BT7 1SH

E-mail: AnnuityAdmin@TomasOnline.co.uk

Telephone: 0845 863 0495

Facsimile: 01737 227180

The Open Market Annuity Service Limited is an Appointed Representative of Just Retirement Solutions Limited which is authorised and regulated by the Financial Services Authority (FSA). Registered in Northern Ireland No.NI061370