How do I buy a Pension Annuity elsewhere?

zygurat789

dunstonh wrote: »

Was the annuities online a real illustration of benefits or an example figure?

I rang them for a quote and discussed the resuilts with them. They said they would be in touch but so far have not heard from them.
They were called Oval Financial Services.
If they do come back I would not be surprised if they figures were somewhat lower.

CannySaver_2

zygurat789 wrote: »

I rang them for a quote and discussed the resuilts with them. They said they would be in touch but so far have not heard from them.
They were called Oval Financial Services.
If they do come back I would not be surprised if they figures were somewhat lower.

Would be interesting to see what their actual figures are.

Sounds like they are an introducer to Oval, who I believe are a big player up here in the midlands.

The Canny Saver

zygurat789

CannySaver wrote: »

Would be interesting to see what their actual figures are.

Sounds like they are an introducer to Oval, who I believe are a big player up here in the midlands.

The Canny Saver

Oval sent me an email within an hour of my last post.
Surprise, surprise , the figures were within an ace of all the other (good) quotes.
Actual figures:-
Single life, no escalation, no health problems, no guarantee, male 65
6.68%
So the quote website is just a honey trap, but is it the IFA's or an introducer's? Isn't the IFA responsible for an introducer's conduct, which in this case IMHO appears to be close to fraudulent?

CannySaver_2

zygurat789 wrote: »

Oval sent me an email within an hour of my last post.
Surprise, surprise , the figures were within an ace of all the other (good) quotes.
Actual figures:-
Single life, no escalation, no health problems, no guarantee, male 65
6.68%
So the quote website is just a honey trap, but is it the IFA's or an introducer's? Isn't the IFA responsible for an introducer's conduct, which in this case IMHO appears to be close to fraudulent?

Hi there

Sorry your hopes of a higher rate were disapointed.

I took a look on the Annuities Online website, there appears to be two ways of getting quotes. One says 'Quote Now' and takes you through to a real time online calculator where provider names are disclosed. The other option is to click 'Analysis' which seems to be a more generic calculator and gives no provider names.

Interestingly the 'Analysis' calculator gives different figures for the same input than the actual 'Quote Now' tab.

Which one of these options did you use for your quote?

I don't know whether the FSA would say that an IFA is responsible for the conduct of an introducer, but from a reputational risk point of view you would think that they would check. Not sure it's a 'honeytrap' because as soon as you see the lower rates you run a mile, so it might entice people in temporarily but in the long run is hardly likely to lead to additional business.

The Canny Saver

zygurat789

CannySaver wrote: »

Hi there

Sorry your hopes of a higher rate were disapointed.
When you've been around 65 years you know when something is too good tio be true.

I took a look on the Annuities Online website, there appears to be two ways of getting quotes. One says 'Quote Now' and takes you through to a real time online calculator where provider names are disclosed. The other option is to click 'Analysis' which seems to be a more generic calculator and gives no provider names.

Interestingly the 'Analysis' calculator gives different figures for the same input than the actual 'Quote Now' tab.

Which one of these options did you use for your quote?
I got names and amounts, some names had zero. If you go back and recalculate you get more amounts instead of zeros

I don't know whether the FSA would say that an IFA is responsible for the conduct of an introducer, but from a risk point of view
They're going to get my money reputation is everything.

you would think that they would check. Not sure it's a 'honeytrap' because as soon as you see the lower rates you run a mile, so it might entice people in temporarily but in the long run is hardly likely to lead to additional business.

The Canny Saver

I would disagree, people have difficulty saying no, once you're snared the chances are they'll get you.

zygurat789

So. to answer the OP, I wouldL:-
1. Use the internet to get lots of quotes
2. Check these direct with the IFa or insurance company.
3 If an IFA will not charge then let him get some quotes.
4. Go for the best quote!!!

Don't worry about the admin they're after your money they will always hold your hand and guide you through the process.

CannySaver_2

Interesting points, I agree that reputation is everything.

If you recalculate do you get the higher figures or the new lower figures?

So are you going to use Oval? Has their honeytrap worked?

The Canny Saver

zygurat789

CannySaver wrote: »

Interesting points, I agree that reputation is everything.

If you recalculate do you get the higher figures or the new lower figures?

So are you going to use Oval? Has their honeytrap worked?

The Canny Saver

I am waiting for the direct quotes from Insurance companies and looking for an IFA who will do it free.

Interesting no one on here ever comments about the rates, after all that is the most salient point.
Also since this thread is mildly anti IFAs Dunston is only sporadically here.

dunstonh

Virtually all the annuities I have arranged in the last 2 months (which is into double digits) have seen the rate increased due to haggling. Do not underestimate what a local IFA can do compared to one just issuing default quotes.

Also, a large value fund on fee basis (but fee taken from pension) should also provide a better annuity rate.