Buying an annuity with Pension Pot

losgiganteskid

Is there a website that one can use to identify which annuity provider will offer the best financial deal for the purchase of your pension pot ?

brianrhill

Which type of annuity are you considering?

Lifetime
Temporary
Variable
Unit Linked
With Profits
Enhanced
Impaired

CannySaver_2

Hi

Try this pension annuity calculator for starters.

Great for getting an initial quote, although not great for enhanced quotes which take into account any health or lifestyle issues.

When buying an annuity always speak to an IFA, even if you go direct the provider will still take commission, they just keep it as a windfall rather than paying it to the IFA.

A good IFA can:

1. Help work out that an Annuity is indeed the best option for you and talk you through other options

2. Help you with getting enhanced quotes

3. Discuss which options, spouses pension etc you should include

4. Work hard to haggle for the best rate possible from providers

Hope this helps.

The Canny Saver

middlepuss

losgiganteskid wrote: »

Is there a website that one can use to identify which annuity provider will offer the best financial deal for the purchase of your pension pot ?

I assume you looked at the alternative of income drawdown and concluded it's not suitable for you?

I had a pension pot and the only options it offered were buy an annuity or move the money elsewhere. So I moved it elsewhere. And I will put it into income drawdown eventually. There's more risk this way, but I will have a public sector pension so for me it's right (I think!) to invest this pot and draw income from it rather than take an annuity. You may well be in a very different situation.

BLB53

If you do consider drawdown, here's an article from todays Motley Fool which may help?
http://www.fool.co.uk/news/investing/2011/10/27/annuities-vs-dividends.aspx