Best annuity comparison site please.

cyclonebri1

Can't remember which one I used, but am trying to help out a friend who is very unsavvy re pensions, it might have been hargreaves and landsdown??, but I would have been directed there from here.

:T:T in advance.

jamesd

HL is one but it's certainly not the place to actually buy from, just a place to get quotes for enhanced annuities then buy from a local IFA who can probably undercut them easily and get a higher payout.

dunstonh

An IFA should be able to beat HL's rates.

cyclonebri1

Thanks gents.

James, I didn't mean the H&L were a provider, just thought I'd possibly seen a comparator there?

Without offence, although this is not trivial, we don't wish to use an IFA.


A further point, I did quickly google "annuity comparison site".

The top option gave a choice of 8 options, all of which were higher than that he had been offered. His own pension accumulation company, for want of a better way of expressing it, declined to offer a quote, although they had by direct contact.

So, is a figure range of plus 40% over the fund managers option normal???

dunstonh

Without offence, although this is not trivial, we don't wish to use an IFA.

HL are IFAs as are most of the comparison sites. Albeit on commission basis and without haggled rates.

So, is a figure range of plus 40% over the fund managers option normal???

Yes. Plus, more if you use an IFA.

bilbo51

I use this one - http://www.find.co.uk/pensions/annuities_centre/annuities-calculator - purely to get a feel for the state of the market - and knowing that I can get a better quote via an IFA when the need arises.

GhIFA

Without offence, although this is not trivial, we don't wish to use an IFA.

It is unlikely then that you will maximise the income that could be provided by the fund.

So, is a figure range of plus 40% over the fund managers option normal???

It's certainly realistic - some providers aren't interested in the annuity business, so their rates will be a lot lower than the main players in the market place because they actively want you to take the benefits somewhere else.

jamesd

If he has any medical conditions that would reduce his life expectancy it's particularly important that an IFA - comparison site or otherwise - that uses a proper medical questions and passes the results on to annuity providers is used. Otherwise he won't get the increase in payout that's appropriate for his health.

If he doesn't want to use a local IFA, perhaps he'd be willing to approach one of those who posts here to see if they are interested in doing some remote business? I know I'd be happy to use dunstonh and quite likely also GhIFA myself. If this is of more interest than a local IFA, note that the IFAs who post here are not allowed to make first contact, the IFA chosen would need to be approached by private message. You'd also need to verify independently that they really are an IFA, something I've done myself for dunstonh.

zagfles

See https://forums.moneysavingexpert.com/discussion/4642417

cyclonebri1

My/our scepticism I'm afraid is based on previous experience with an IFA.

I took my annuity 5 years ago, I happened on this site and it was Dunstonh who helped me greatly at that time, :T:T,

I did go to a fairly local IFA who cocked up my plans, he was arranging the conversion but had not realised that part of the pot was protected rights, inspite of having all the paper work.

It was only my intervention, based on what I had learnt here that prevented a total cockup.

Yes, go to a different IFA, but.........

The 40% difference I mentioned was that between his own pension fund company and the best available elsewhere.

mania112

The only online comparison table that can claim to be completely unbiased is Money Advice Service.

However, those results will be quite generic (a problem if you have medical conditions to consider). Therefore, speaking to an IFA is your best bet. They are likely to be able to negotiate a better rate than published results.

Money Advice: https://www.moneyadviceservice.org.uk/en/categories/comparison-tables

Find an IFA: https://www.unbiased.co.uk