As you near retirement, your pension provider may offer you the option of buying an annuity through them. Whilst this is an easy and convenient option, your provider won't necessarily give you the best annuity rate for your hard earned savings.
To help you get the best rate, be honest about your health status and if you're a smoker. Certain health conditions may mean you could qualify for an enhanced annuity, which could pay up to 25% more.
The annuity rate you receive will depend of a number of factors, including: