A free guide to annuities is being offered by Saga, helping people understand the options open to them at retirement and how to make the best of what is on offer.
The Saga guide is very up to date, with full details of how the OMO (Open Market Option) works for buying an annuity. It explains how it enables people to shop around to find the best annuity to suit them, rather than being tied to their pension fund provider. At the moment only around forty percent of people are actively using the Open Market Option, but it is hoped that this information will prompt more to see how it can be of benefit to them.
The advice from Saga is that anyone approaching retirement should have a look at the guide so they can weigh up their options. It can potentially save lots of money and ensure the package selected best meets customer needs.
LV=, also known as Liverpool Victoria, has committed to get tax free cash to their Annuity Pension holders within five days of receiving all relevant funds and documentation. If this is not achieved they have promised GBP1000 compensation.
Earlier this year Liverpool Victoria unsecured pension holders were told that they would get a similar deal so this step is a continuation of LV=s steps to put the customer needs first. Lump sum payments from pensions are a vital aspect of the whole retirement package, so receiving the funds promptly takes a great deal of stress out of the process.
A spokesman from the organisation said that Liverpool Victoria was well aware of their customers needs and was doing all it could to streamline the process for customer benefit.
Legal and General has today launched a new pension product, called the Portfolio Plus Pension it is designed for customers who want to spread their investment in a large number of funds.
Over 40 fund managers are responsible for around 300 different funds, with customers pension payments being spread between up to 100 of them. Both Legal and General themselves plus independent financial advisors are promoting the new Portfolio Plus Pension, giving customers plenty of choice regarding access to it.
A Legal and General spokesman said that this particular pension option would be ideal for those customers who would like the flexibility inherent in a self invested personal pension.
