Non advice annuity purchase

dunstonh

Just to emphasise the haggle bit, I finished that Zurich one off today. The haggle added another 4% to the annual income. Zurich was beaten easily. Next came the initial electronic quotes (the one similar to the comparison sites use). The manual quote from the providers using the IFA quotation form was a bit higher than that and the haggled figure came out top.

Without the haggle, IFAs (and restricted advisers with no restriction in annuities) would be similar to the comparison sites for mid range pots (but still cheaper for large pots). Wont be much in it for small pots.

gadgetmind

dunstonh wrote: »

You are just one individual. intermediaries dominate the distribution (over 70%). Hence why intermediates get the best rates.

New FCA target in 3 ... 2 ... 1 ...

zagfles

glynm15 wrote: »

If that is the case - is it ok / done thing to approach IFA say this is my best quote - beat it and the business is yours.

Yes, that's what I'd do. Some IFAs may not like it, but those who are confident of haggling a better rate should have no worries about their time being wasted.

glynm15

Hi,

Again thanks for all the replies.

I'm trying to have no influence / advice on my FIL and just presenting the facts and getting the best deal.

I personally would go for a drawdown option but not sure my FILs attitude to risk is suitable for this.

Update so far is

Pension Provider Zurich annuity quote through Legal and General is £2380pa with a £1300 commission to Zurich.

And the best online site is £2400 with a £750 commission.

Approached the IFA who advised my dad asked fees and asked can he beat it.

Zurich confirmed they won't budge when I requested the quote - slight annoyance with their £1300 fee.

I am going to try direct with the providers on Monday morning to see if I can 'haggle'.

Thanks again for any comments.

G

atush

Do whatever you like, but at 56, annuity is just well, silly. Add on no advice, double silly.

but a fool and his money are soon parted.

At least it isn't your money being parted.

If he is your FIL, why not ask him to ask another male member of the family? Seems to me, he isn't interested in your actual advice (ie you might suggest DD) so you are on to a losing wicket whatever you do?