The financial meltdown has affected every area of society. Pension annuity rates have also been affected by the downturn in the markets. Your pension provider is meant to give an annuity quote; however, it is wise to shop around for better rates from other providers.

The open market option entitles you to look for better annuity rates than the one you are provided with. Compare various rates from different providers to find the best rate for your pension annuity.

Annuity is something that has to be paid to the recipient throughout their life. Not all of us live to be the same age though and some people may have the risk factors that may lower their life expectancy. This qualifies you for an enhanced rate annuities, which gives out a higher rate for people with lower life expectancy.

The criteria for qualifying for enhanced annuity are many and varied. Smoking, some prevalent medical conditions, medical history among other things can give an idea of life expectancy. Not many people ask for it, but may qualify for enhanced annuity rates.

Annuity is often the only source of income for retirees. It guarantees an income throughout your retired life. It is therefore important to choose your annuity carefully.