HL instant enhanced annuity quotes

SallyG

.....commission of 1.5-3.5 per cent on sales, which are automated and unadvised?

bigadaj

Might be worth posting a little more or at least a link, nearly pressed the spam button on initial read.

SallyG

I googled "Hargreaves attacked over commission fees"

iFart

Well if it commission it is paid by the insurance company is it not?

If it is between 1.5 and 3.5%, this is what has been decided between HL and the insurance co...

The annuity rates would be adjusted accordingly.

Is there not an option for the client to pay a fee instead?

dunstonh

.....commission of 1.5-3.5 per cent on sales, which are automated and unadvised?

And typically results in a lower annuity rate than an IFA could obtain. Why would you want to pay all that for less?

SallyG

http://www.hl.co.uk/pensions/annuities/enhanced-annuities

Can't find anything about charges there.......sorry for not being able to provide the link to the original article - it's in the FT Personal Finance section.

Old_Slaphead

dunstonh wrote: »

And typically results in a lower annuity rate than an IFA could obtain. Why would you want to pay all that for less?

I asked 2 local IFAs to give indicative qotes and they both came up with figure virtually indentical to the HL quote

dunstonh

I asked 2 local IFAs to give indicative qotes and they both came up with figure virtually indentical to the HL quote

I found the initial figures were virtually the same but the post haggle figures came in just over 10% higher.

mania112

Old_Slaphead wrote: »

I asked 2 local IFAs to give indicative qotes and they both came up with figure virtually indentical to the HL quote

you could [have] asked them to quote you without incorporating an adviser fee into the rate. Then paid for the service separately. You'll then see that if you live for x years it will become cheaper to buy the annuity that way.

dunstonh

mania112 wrote: »

you could [have] asked them to quote you without incorporating an adviser fee into the rate. Then paid for the service separately. You'll then see that if you live for x years it will become cheaper to buy the annuity that way.

If the IFAs were just supplying clean price quotes (not enhanced) then there would be little difference. Its when its enhanced that the real differences appear.