Annuity websites please?

polybear

Hi,

My OH's personal pension (Prudential) will mature in a few months and we're looking for reputable websites (bearing in mind the amount & nature of the information they often ask for) that can give accurate comparisons for searching for the best annuity deal available. The impaired life option has already been given the ok by the pru, but we don't know what the deal is yet. Out of interest, what sort of deals do the Pru normally give - best/good/bad etc.?

Can anyone suggest good websites etc. to start with please? Thanks.

dunstonh

there is no accurate online resource available for deciding which company will be best. All the comparision tables from various sources use data which is typically out of date and makes assumptions which may or may not be appropriate.

The FSA tables give you a basic idea but you typically find that if you looked at the top 5 providers from the FSA tables (or other published tables) that when you get real figures, you will have companies that either didnt make the top 5 or the order will be different.

With imparied life or ill health annuities, there is no way to compare as they are underwritten with terms offered dependent on your health. One small change can make a big difference.

Pru are normally good for non smokers and standard health.

You need to be getting an IFA looking at this. This is a no lose situation for you as the commission rate (typically just 1%) is the same whether you go direct or get an adviser. Ideally, get an IFA from a large network (for example Sesame) as their IFAs typically get the best terms due to bulk buying power. This has been reflected in these forums in the past with quotes obtained from the usual suspects that Ed posts being beaten fairly easily by a local IFA.

polybear

Thanks for the reply. I've checked the sesame website and found IFA's in our area. Having never used an IFA before, do all IFA's do annuity advice? Some of the IFA's listed on Sesame mention "Mortgage" etc. in their company names but make no mention of annuities, pensions etc. If we consulted one would we be liable for any charges if we chose not to take their advice, and is there a means by which the particular adviser we consult can be "checked out" beforehand (e.g. registration number?). Thanks.

polybear

Thanks for the reply. I've checked the sesame website and found IFA's in our area. Having never used an IFA before, do all IFA's do annuity advice? Some of the IFA's listed on Sesame mention "Mortgage" etc. in their company names but make no mention of annuities, pensions etc. If we consulted one would we be liable for any charges if we chose not to take their advice, and is there a means by which the particular adviser we consult can be "checked out" beforehand (e.g. registration number?). Thanks.

dunstonh

Having never used an IFA before, do all IFA's do annuity advice?

Its a very simple transaction. Lots of paperwork but simple if you know what you are doing. All IFAs can do it. It requires no authorisation above the norm. To be fair Sesame are not the only network. There are others. They just happen to be the largest and they tend to get the best terms because of that. For reference, a network is a service provider to IFAs. You transact the business with an "independent" IFA who use the network for complaince and support purposes and obtain the benefits of bulk buying.

Some of the IFA's listed on Sesame mention "Mortgage" etc. in their company names but make no mention of annuities, pensions etc

A lot of IFAs do most of their business in mortgages and that is why they may have mortgages in their name.

What you could do is go to www.unbiased.co.uk and do a postcode search on there. That does list main areas of business that IFAs transact.

If we consulted one would we be liable for any charges if we chose not to take their advice

First meetings are free and in that the IFA must tell you the charging structure if one exist. If there is a point that you begin to incur charges, they must tell you in advance and issue a fee agreement for you to sign.

and is there a means by which the particular adviser we consult can be "checked out" beforehand (e.g. registration number?).

You can check them on the FSA register although if you are using the Sesame website to get details, then you know they are authorised as Sesame only display current authorised firms.

EdInvestor

The following websites are worth a look:

https://www.fsa.gov.uk/tables (online comparison)

http://www.h-l.co.uk/pensions_and_retirement/annuities.hl (online comparison service and IFA)

https://www.annuitybureau.co.uk ( specialist IFA)

https://www.williamburrows.co.uk (specialist annuity IFA)

https://www.annuitydirect.co.uk (online quote)

Just Retirement seems to offer good rates for impaired life annuities.


It's definitely worth shopping around.

clareyp

If you've definately got the go head for an impaired quote there are a lot less providers offering this type of annuity....Just Retirements have been specialising in the impaired market for some time & seem to come out on top at the moment from what I have heard.
Definately see an IFA however!

dunstonh

Just retirement are a cracking firm. Good prices, good service and quick turnround. However, you need to make sure every bit of info about health is disclosed. Its amazing how sometimes just a little thing can make a lot of difference on a quote.

polybear

Many thanks to all who have offered advice. I'll let you know how we get on!!

pefwin

There this one as well which is another Billy Burrows site.

http://www.aspen-plc.co.uk/index.htm?home_annuity

Most IFA's use The Exchenge or Assureweb, available to industry professionals that does all the comparison work for them and include hyperlinks to the providers, you most wonder what they do for their fee.

dunstonh

Most IFA's use The Exchenge or Assureweb, available to industry professionals that does all the comparison work for them and include hyperlinks to the providers,

Assureweb uses tables a bit like the FSA site so after getting the quotes you have to ring round the top 3-5 and get real figures. Plus the portals make assumptions that you cannot alter unless you go direct to provider.

you most wonder what they do for their fee.

4-5 hours work. Lifetime of liability for advice given and costs to cover. Obviously you are not a business person otherwise you would understand that.

Annuity commision is typically 1% of fund after tax free cash taken.