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How do I buy a Pension Annuity elsewhere?
Comments
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zygurat789 wrote: »So I got some quotes, there was a range 5.4% to 6.45% but for Annuities Online, part of Mortgages Online, they were quoting 7.9% from the same company I had a direct quote of 6.45%. This seems to be too good to be true. Does anybody have any experience of them?
No comments?The only thing that is constant is change.0 -
CannySaver wrote: »The commission he was taking should have been disclosed to you on an illustration, not doing so is a serios breach.
From my limited understanding I'd say it would generate commission of between £1k and £2k, depending on whether it was a normal annuity or an enhanced annuity.
More than enough I would have thought not to charge you a fee.
The Canny Saver
It all happened in an informal conversation. He is somone who I already know so I didn't want to go too far along the process before backing out.The only thing that is constant is change.0 -
zygurat789 wrote: »No comments?
Check that all the quotes are on the same basis, check that the provider they are recommending is reputable and then if you are comfotable go for it.
Does sound a wide difference though, I wonder if something is different on the quotes.
Use the calculator I gave in the link at the top of the thread to do some of your own research, double checking quotes etc.
The Canny SaverAlways looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0 -
CannySaver wrote: »Check that all the quotes are on the same basis, check that the provider they are recommending is reputable and then if you are comfotable go for it.
Does sound a wide difference though, I wonder if something is different on the quotes.
Use the calculator I gave in the link at the top of the thread to do some of your own research, double checking quotes etc.
The Canny Saver
I have almost 20 quotes starting off from various calculators all for the same thing. No health problems, no guaranteed period, no escalation.
all the quotes from broker's sites.
I then checked the best directly with the companies, all reputables, main stream insurance companies.
This quote of 7.9% stands out because the pension pot is with them and they are quoting 6.45%
The fact that nobody has commented unfavourably on Annuities Online is good and visa versa.
I have done the same quote more than once it still gives the same result.The only thing that is constant is change.0 -
zygurat789 wrote: »I have almost 20 quotes starting off from various calculators all for the same thing. No health problems, no guaranteed period, no escalation.
all the quotes from broker's sites.
I then checked the best directly with the companies, all reputables, main stream insurance companies.
This quote of 7.9% stands out because the pension pot is with them and they are quoting 6.45%
The fact that nobody has commented unfavourably on Annuities Online is good and visa versa.
I have done the same quote more than once it still gives the same result.
7.9% and no health problems, you must be old! :rotfl:
Or the quote is wrongAlways looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0 -
CannySaver wrote: »7.9% and no health problems, you must be old! :rotfl:
Or the quote is wrong
I am entitled to retire unlike some early-retiring scyvers:rotfl:The only thing that is constant is change.0 -
zygurat789 wrote: »I am entitled to retire unlike some early-retiring scyvers:rotfl:
Ha ha touche
But still, an Annuity rate of 7.9% is not to be sneezed atAlways looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0 -
CannySaver wrote: »Ha ha touche
But still, an Annuity rate of 7.9% is not to be sneezed at
The point is it looks too good to be true and therefore, probably, isn't.
I was trying to buy an annuity elsewhere but am not getting much practical advise on here.The only thing that is constant is change.0 -
zygurat789 wrote: »The point is it looks too good to be true and therefore, probably, isn't.
I was trying to buy an annuity elsewhere but am not getting much practical advise on here.
Practical advice:
1. Lay the quotes out and check they are all the same, everything from dob, to the style of annuity to commission etc should be checked
2. Call Annuities Online and ask them why they are so much better, there has to be a reason
3. Go to a competitor of Annuities Online and ask them if they can match the quote given by Annuities Online
If all looks good and confirm that Annuities Online can indeed provide a rate of 7.9% then go for it. There has to be a point where one stops questioning and starts doing.
The Canny SaverAlways looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0 -
Was the annuities online a real illustration of benefits or an example figure?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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