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Open Market Option

missile
Posts: 11,759 Forumite


Can anyone recomend where to look for best open market option for a small pension fund (£25,000 with Scottish Equitable)?
I tried http://www.h-l.co.uk/pensions_and_retirement/annuities.hl best they had to offer was Norwich Union
I tried http://www.h-l.co.uk/pensions_and_retirement/annuities.hl best they had to offer was Norwich Union
"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:
Ride hard or stay home :iloveyou:
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Comments
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go with an IFA. I did one recently and the person had HL quotes and I was able to beat them. So, I would expect most network IFA members to be able to do so as well.
There is such a small margin on open market options that online discounting doesnt come into play. Indeed, many providers dont even allow commission discounting.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I have consulted a good many IFAs, and not found a "good" one yet. I don't really want to sit through yet another fact find.
I guess http://www.fsa.gov.uk/tables is the place?"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
I guess http://www.fsa.gov.uk/tables is the place?
No. Its notoriously unreliable as the data is often out of date, based on just a handful of options and assumes standard terms offered. Some IFAs get access to better terms improving the figures you see in the tables.
Norwich Union, for example, have changed their annuity rate 3 times in the last 2 weeks. Changes are frequent but the table updates are less so.I have consulted a good many IFAs, and not found a "good" one yet. I don't really want to sit through yet another fact find.
It is a transaction that even the worst one can do with their eyes closed. They dont get much simpler than an OMO.
An annuity factfind is little more than 2 sides of A4 for most. A full factfind isnt required if you dont want it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
As an expat, Missile might find it easier to seek quotes through a specialist, eg
https://www.justretirement.co.uk
https://www.annuitybureau.co.uk
https://www.williamburrows.co.ukTrying to keep it simple...0 -
Two of those are IFAs with a website, the other is a provider that will only deal through IFAs.
for reference, annuitybureau are easy to beat.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Many thanks for the info dudes. I shall check out those web sites and try to set it up over the phone or failing that arrange an appointment or two for when I am next in the UK."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
I am happy to report that I found an IFA who was happy to deal over the phone without a detailed fact find. I am pleased with their services would recommend Key Financial Consultants @ http://www.keyfinancial.org.uk/"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0
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