What to do with your annuity quote

matty17r

I have decided to take my annuity now and have got my figures from my stakeholder pension plan. Obviously I want to best deal I can possibly get. I have googled this and contacted several brokers(?) who have come back with quotes but now my current quote has run out. Can I myself contact these companies direct and is this the best way to say money. Sorry for all the questions but with such a small pot it cannot being worth getting a financial adviser.

GhIFA

Depends - its usually possible for an IFA to get you a better level of income with a bit of haggling. Are you in good health?

dunstonh

Can I myself contact these companies direct

Some of them yes. However, many will only deal via IFAs. Plus, the pricing with IFAs is usually better as that is the main distribution channel (so economies of scale applies).

but with such a small pot it cannot being worth getting a financial adviser.

how small is it?

bigadaj

Hopefully the OP will come back but would be useful for many to get an idea at what level an ifa would be interested/ worth his while to get involved in an annuity.

I would imagine there might be three levels, crudely speaking, so a level at which ifa might get all his fees paid and so client is always better off, or at least no worse off. There would be a second level at which the client might have to contribute to ifa fees, I. Which case these ccould be recovered after a period of years due to increased income, though this is obviously a risk to the client. Finally enhanced annuities might come under a separate category as the additional amounts from an independent review could be very significant indeed.