Not happy.

atush

I can see now how the fee may have been in the market area, however, I cannot see how the 'advisor' earned their fee having not gotten you a better annuity over the quote you got before,

I would stop any an all proceedings (if annuity is what you want- did they even speak of drawdown) and do check you are getting the best deal- which I don't think you are.

Any IFA worth their salt (fee) should be able to haggle you better so as to earn their fee. Your current one has not.

dunstonh

I can see now how the fee may have been in the market area, however, I cannot see how the 'advisor' earned their fee having not gotten you a better annuity over the quote you got before,

The fee is the work done and advice given. if the advice is to use the existing provider and then that is still advice and still carries a liability. It is one of the big changes with RDR. Advice to do nothing is advice. Advice to keep a product or make change to an existing product is advice. The purchase of a new product is not the only thing any more.

On non-advised cases/direct cases, that wouldnt apply as they are not giving advice. You are not paying for advice.

Any IFA worth their salt (fee) should be able to haggle you better so as to earn their fee. Your current one has not.

If there are not GARs, then I suspect that James has got it right in that it is not a IFA service but a non-advice service (something a bit like HL, who are IFAs in origin but when you use their platform or annuity service they are not acting as IFAs).

atush

he fee is the work done and advice given. if the advice is to use the existing provider and then that is still advice and still carries a liability. It is one of the big changes with RDR. Advice to do nothing is advice. Advice to keep a product or make change to an existing product is advice. The purchase of a new product is not the only thing any more.

i understand this, but do not believe it is the case. I highly doubt it.

f there are not GARs, then I suspect that James has got it right in that it is not a IFA service but a non-advice service (something a bit like HL, who are IFAs in origin but when you use their platform or annuity service they are not acting as IFAs).

This or something like it is what I expect is the case.

sun-n-moon

Thanks for help.
I will look into it further tomorrow. However I think any action may be too late as I have been paid the tax free lump sum. Although this is nothing to do with the Annuity Purchase from Partnership. First payment is not due until 28/01/2014.
It is not an enhanced annuity. Although I did state I had cancer in the late 70s and at the time had to purchase a heavily loaded life policy from Hambro. Nobody else would touch it.
However this did not lead to any enhancement on the quote.

dunstonh

It is not an enhanced annuity.

Partnership is an enhanced annuity provider. It does not take on standard annuity business.

ffacoffipawb

taktikback wrote: »

how is £1340 10% of £34,000?

When your name is Ed Balls?

jamesd

Using Partnership is a good sign. I take it that you had to fill out a health form or answer assorted health questions to work out how much extra you could qualify for from the enhanced annuities that they sell?

mark55man

ffacoffipawb wrote: »

"how is £1340 10% of £34,000?"

When your name is Ed Balls?

when George Osborne is telling you how much better off you are or when he is telling you how much of the deficit has actually been reduced through faux "austerity"


Balls may have ballsed up the autumn statement, but I haven't seen a credible Coalition answer to the cost of living crisis that is affecting the majority of citizens

bigadaj

mark88man wrote: »

when George Osborne is telling you how much better off you are or when he is telling you how much of the deficit has actually been reduced through faux "austerity"


Balls may have ballsed up the autumn statement, but I haven't seen a credible Coalition answer to the cost of living crisis that is affecting the majority of citizens

We're all ears if you have any suggestions.

I hold most politicians in fairly equal contempt, but the cost of living crisis many are suffering is primarily due to the profligate spending and poor economic management of teh last decade, contributed to by interest rates being too low for long periods so a Bank of England problem as well.

Maybe you need to nip over to the loans board with your credible suggestion as there is largely similarities between personal and state debt, the only answers being to spend lessor earn more. The former is far easier to achieve for most people than the latter.

We could of course borrow even more and pass it further onto future generations.

sun-n-moon

I've not been informed that Partnership is an enhanced annuity.
The online quote [£1,700 per annum] for a standard annuity, with no medical details, for the £26,000 actual annuity pot after cash drawdown is the same as Partnership.
Just checked paperwork from Partnership. Advisor charge is 5%.