Buying Annuity

82much

Does it make any difference who to buy an annuity through. Eg a local IFA who he doesn't know or someone like Hargreaves Lansdown. There is no health issues as he's never seen a doctor in over 40 years even though I advised him to go and get checked out but he is stubborn! I had read it is better to go through someone rather than doing it oneself.

McKneff

IFAs have access to annuity companies who won't deal with the general public. So you could get a better deal going to see one.

I have my pension through 'Just Retirement' one of the companies who only deal with IFAs and was a lot better off per month than any of the pension companies I tried myself.

He would be better off too going for a check up because if yu do have a health issue you can claim an enhanced pension as well as being a smoker (life expectancy is less, so thye pay you more)

Linton

As above but also...

There are many different options you can have with an annuity. It is clearly better to be able to discuss these with someone face-to-face.

There is no advantage in going direct as the insurance companies keep the commission they would have paid the IFA.

I dont know what the H-L service is, but from their website it looks like you just fill in the boxes and they do an automated search over "the top annuity providers". Does that mean the largest or the best?

82much

Thank you both for your replies. I will show him this and hopefully he will take the advice!

dunstonh

A number of the annuity providers will also offer an improved price as a haggle and IFAs will do this whereas a computer system still service will not.

mania112

I can't comment on HL's offering (because it's not fair to promote or otherwise) but an IFA has access to the full market and will provide you with the best possible rate (subject to their costs, which need to be confirmed).

They'll also help to make sure an Annuity is the right thing, there are other options which may suit.