Enhanced Pension Annuity Quotation Request Form

SallyG

Just stumbled upon this standardised enhanced annuity quotation request form

http://www.ifa-systems-uk.co.uk/webs/ifa_direct/documents/commonquotationform_%20jan11.pdf

Section 4 asks for:
"Non-protected rights benefits Value
Pre 06/04/1997
Post 05/04/1997
Protected rights/contracted out benefits Value
Pre 06/04/1997
Post 05/04/1997
GMP/related benefit Value Escalation rate Revaluation rate
Pre 06/04/1988
Post 05/04/1988"

Why does the annuity provider need that information?

Also in Section 4
"Source of funds ..........
Pensions credit ......................Yes/No "
does "Pensions credit" refer to a pension resulting from pension sharing on divorce -if so, why does the annuity provider need that information?

dunstonh

That is an out of date version.

Why does the annuity provider need that information?

protected rights had to be paid a certain way.

GMP benefits have to be known by the receiving scheme to see if they would consider them or not.

Everything on that page is to allow them to quote a certain way or make them aware of issues that could restrict the ability to accept the quotes or not.

mania112

99 times out of 100 the 'common quotation' form would be used for someone transferring to an annuity in the form of cash (ie, the protected benefits will not be maintained).

So its a bit of a misnomer, but as Dustonh says, an annuity provider could, in theory, offer to maintain the benefits of the ceding scheme. As of right now, I don't think that's relevant for any of the providers that accept that form.

FYI: The up-to-date version of the quote form is kept here http://commonquotation.co.uk