Buying Annuity

Devo

Good Day All

My father who lives in the Philippines is thinking of converting his somewhere deflated HYP to an annuity.

He has previously been diagnosed with high cholesterol following a heart scare and takes meds for it everyday.

He still has an address in the UK but which address should he use to obtain a quote. Will using his Filipino address cause unnecessary hassle?

Also can anyone suggest a decent provider and are all annuity companies regulated so far as to say to say that the won't go bankrupt and you lose everything?

Sorry for the brief details and maybe stupid questions

CannySaver_2

Hi

Use an IFA, they will be able to confirm whether or not your father qualifies for an enhanced annuity and which annuity providers will deal with him in the Phillipines and / or whether he should use his UK address.

All UK annuity providers are regulated by the FSA and will be covered by the FSCS in the event of insolvency.

The Canny Saver

jamesd

Why is he thinking of buying an annuity now instead of at some other time? Why a Pound-denominated annuity when he's living in the Philippines?

Devo

Basically he just needs some funds to live from, there's nothing you could create nor want to in philippine peso, hehe, the dividends tended to be sporadic so he just wanted to create some regular money.

Unless you can think of a better way?.

Cheers

jamesd

Stick a couple of years worth of spending into a savings account. Have dividends paid into that account. Set up a standing order from the savings account each month to provide the regular income. Review income level every year or two.