What’s an open market option?

 

This describes the freedom you have to shop around for a retirement income that suits you. You can get a guaranteed regular income by using your pension savings to buy an annuity. Or if you’d like an income at the same time as leaving some of your pension pot invested, you can do so with a flexible retirement income (known as ‘flexi-access drawdown’).

Different providers offer different rates, so you can shop around to find the one that’s right for you – like you do for your car or home insurance.

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