Buying an annuity - stay with Pru or look elsewhere?

onionfx

Hi,
Unfortunately my dad passed away very suddenly a few weeks ago at the age of 61 whilst still in active work

Thankfully there are no outstanding debts or anything like that.

He had a few pensions as he changed jobs a few times, but one of the bigger ones with Prudential seems to have a 'protected' portion of money that is set aside for an annuity.

My mum will be getting the pensions lump sums etc.

We've got a form from Prudential asking mum what she wants to do with the annunity - let them provide the annunity or use someone else.

I've spotted another post on here mentioning Scottish Widows and poor rates so wondering if the Pru are likely to be offering similar?

We're trying to locate a good IFA in the area, but only have 14 days to decide what to do.

Are there any companies/deals that are generally good/better than others?

I think the amount is roughly 40,000 and mum is 59.

Thanks

dunstonh

We're trying to locate a good IFA in the area, but only have 14 days to decide what to do.

You dont have 14 days. You have longer than that. That is just what that annuity rate is guaranteed for.

Locating an IFA is a no brainer. If the IFA can beat it, then your mum gets more. If the IFA cannot beat it then they do all the paperwork and Pru pay the IFA 1% for the work. If your mum chooses to go with Pru and does the paperwork herself then Pru keep that 1% for themselves or pay the original agent who set up the pension all those years ago.