Transfer Values

missile

A smart investor will always seek alternate quotes from alternate pension providers, but a word of caution. I entrusted this task to an IFA and it took more than two months before he got the quotes. It turned out that my original provider was offering the best annuity but during this time the original quotation had lapsed and their re-quote was less.

Eventually I got compensation, but no recompense for a lot of heartache.

I guess this is was a very unusual situation?

dunstonh

quotes are usually guaranteed for 14 days or close to that. Even if you pick your own provider it is not uncommon for the quote to have changed. Especially if the provider (like NU for example) only issue advance figures based on estimates.

Ive noticed an increase in estimates from the providers or such short guarantee periods that you never have a chance to get things done in that time.

missile

Hm.. 14, minus say two days for postage is no time at all. Perhaps it may not be an unusual situation after all then. In my case the quote was valid for 30 days based on the maturity valuation.

dunstonh

14 days may not seem like an issue to you but I have recently had one which was started last November just go through and one that started Feb 2005 finally go through end of April. It doesnt take much to foul it up.

missile

Sorry I did not make myself clear. I am in agreement with you, 14 days does not seem sufficient time to seek alternate annuity providers. Perhaps this is one factor why many take the simple option, another being ignorance and perhaps most is down to appathy?

I would suggest anyone nearing their pension maturity date needs to plan ahead, be aware of their options, collate relevant info and discuss with their IFA in advance of the due date and do not leave it to the last minute.