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    • fred246
    • By fred246 10th Jul 17, 7:25 PM
    • 847Posts
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    fred246
    Immediate Needs Annuity
    • #1
    • 10th Jul 17, 7:25 PM
    Immediate Needs Annuity 10th Jul 17 at 7:25 PM
    I am trying to sort out of the finances of an elderly relative that I have power of attorney for. I have enlisted the help of a financial adviser. He has told me that I don't want an Immediate Needs Annuity but that he can't help me unless I get a quote for one. He says the regulator insists on it. It all sounds a bit strange. Can anyone explain?
Page 1
    • xylophone
    • By xylophone 10th Jul 17, 7:57 PM
    • 22,881 Posts
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    xylophone
    • #2
    • 10th Jul 17, 7:57 PM
    • #2
    • 10th Jul 17, 7:57 PM
    I am mystified!

    Is your relative in need of a care home?

    https://www.ftadviser.com/2015/06/11/pensions/annuities/getting-to-grips-with-immediate-needs-annuities-Kk30eC7jC9jCQTuR1qSJKI/article.html

    https://societyoflaterlifeadvisers.co.uk/
    • fred246
    • By fred246 10th Jul 17, 9:02 PM
    • 847 Posts
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    fred246
    • #3
    • 10th Jul 17, 9:02 PM
    • #3
    • 10th Jul 17, 9:02 PM
    The adviser is a SOLLA. SOLLA doesn't give any details of who funds them. I wondered if SOLLA is funded by people who sell immediate care annuities. There is a lot of paperwork to fill out asking for a quote for something I don't want. Yes they are in a care home.
    Last edited by fred246; 10-07-2017 at 9:06 PM.
    • Keep pedalling
    • By Keep pedalling 10th Jul 17, 9:25 PM
    • 3,586 Posts
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    Keep pedalling
    • #4
    • 10th Jul 17, 9:25 PM
    • #4
    • 10th Jul 17, 9:25 PM
    How do you know that an INA is not the best option for your relative if you don't know the costs?
    • fred246
    • By fred246 10th Jul 17, 9:55 PM
    • 847 Posts
    • 458 Thanks
    fred246
    • #5
    • 10th Jul 17, 9:55 PM
    • #5
    • 10th Jul 17, 9:55 PM
    I thought I didn't want one and the adviser said it would be too expensive. He then said it was a regulatory requirement that I get a quote which didn't sound right to me.
    • xylophone
    • By xylophone 10th Jul 17, 10:24 PM
    • 22,881 Posts
    • 13,243 Thanks
    xylophone
    • #6
    • 10th Jul 17, 10:24 PM
    • #6
    • 10th Jul 17, 10:24 PM
    You have consulted an IFA as PoA for your relative so as to determine the best way of managing his finances.

    The possibility of an INA has been discussed. You don't want one and the IFA thinks that it would be unsuitable on the grounds of cost.

    Nevertheless, the IFA thinks that it would be a good idea to obtain quotes (the last I heard there were only three providers) in order to show that the possibility was considered?
    • badmemory
    • By badmemory 11th Jul 17, 2:12 AM
    • 695 Posts
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    badmemory
    • #7
    • 11th Jul 17, 2:12 AM
    • #7
    • 11th Jul 17, 2:12 AM
    Are we actually talking about life expectancy here? IFAs normally seem to like these, which suggests to me that your IFA is having to dot the i's and check them out even though he (or she) thinks that they will not give good value. As in pay for x years when life expectancy is almost certain to be x-5 years.

    Only you can know this. What do the doctors say? Have you asked for a realistic prognosis?
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