Best annuity comparison site please.

GhIFA

cyclonebri1 wrote: »

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

Can you explain what you mean by "elsewhere"? If you mean a comparison site then chances are you might find this can be bettered still by an IFA.

cyclonebri1

GhIFA wrote: »

Can you explain what you mean by "elsewhere"? If you mean a comparison site then chances are you might find this can be bettered still by an IFA.

yes I did mean on a comparison site, it was the money advice service as mentioned above.
I think I have enough to go on so thanks to all, if we do use an IFA, it certainly won't be the guy I went to previously

jem16

cyclonebri1 wrote: »

yes I did mean on a comparison site, it was the money advice service as mentioned above.
I think I have enough to go on so thanks to all, if we do use an IFA, it certainly won't be the guy I went to previously

I think that's fair enough to use a different IFA. For the sake of the best annuity for your friend, it would be best to put one bad experience to bed and forget about it.

bmm78

I don't think there's such a thing as "best annuity comparison site". Most of the firms are relying on similar research tools, and the highest annuity rate will generally come down to how much the broker is able to influence the rate, how extensive their information gathering is, and more than a healthy slice of timing and luck.

An important point to consider is whether the service is advised or non-advised, as counter-intuitively there is effectively no difference between how much you will pay for this. Non-advised commission is less transparent than an agreed adviser charge, so bizarrely many people end up paying more.

If you have a fund size above £100,000 (arguably less), I think it's absolutely imperative to get advice on the whole range of options available. Non-advised desks will generally only deal with conventional annuities, and many advisers are only familiar with annuities and drawdown. There are numerous other options, and for peace of mind you should be speaking to someone who has an extensive knowledge of the at-retirement market - some IFAs do, but some won't.

If you are looking at an IFA, it's a good idea to quiz them about their knowledge and experience in this market, and ensure that they consider all of the options available to you.

cyclonebri1

I have to come back here simply because I have great belief in this forum.

Bottom line I tried 3 different IFA.'s

Hargreaves and etc was one..

None of them could equal the offer by L&G, the original pension fund managers.

We went with L&G.

I put this to H&L told them the issues asked that they reduced their charges, (levied on l&g. not me), they declined.

Sorry guys, in this case the IFA approach didn't work.



PS, only came back as everyone on here says you get a better deal via an IFA.

Leave that 1 to you chaps

bmm78

cyclonebri1 wrote: »

I have to come back here simply because I have great belief in this forum.

Bottom line I tried 3 different IFA.'s

Hargreaves and etc was one..

None of them could equal the offer by L&G, the original pension fund managers.

We went with L&G.

I put this to H&L told them the issues asked that they reduced their charges, (levied on l&g. not me), they declined.

Sorry guys, in this case the IFA approach didn't work.



PS, only came back as everyone on here says you get a better deal via an IFA.

Leave that 1 to you chaps

Out of interest, were there any Guaranteed Annuity Rates from L&G?

cyclonebri1

bmm78 wrote: »

Out of interest, were there any Guaranteed Annuity Rates from L&G?

Yes but we didn't ask for them/didn't want them

mania112

Why wouldn't you use the guaranteed annuity rates.

You have the guaranteed rates, and that's why it's better than anyone else.

A message for anyone else with GARs thinking of transferring.

Glad it's all sorted for you.

dunstonh

For an IFA not to be able to beat L&G either means the fund value was low or the GARs were used. Often the GAR rate is adjusted even if its not the original terms. So, whilst it may not be the highest GAR available, it still may be based on the GAR.

82much

I too had an experience with an IFA who to say the least didn't impress me. But, having read on here numerous times that IFA's get better rates than going direct or even with HL I would just like to know how much difference do you think it should make 1%, 5% ? For someone with no health issues I looked at a rate on Money Advice and HL and there was only a couple of pence (literally) between the 2 of them, the IFA was also the same.