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MSE News: Pensions firms face competition probe over annuities
Former_MSE_Helen
Former MSE 2.4K Posts
"The FCA is to investigate the annuities market amid concerns it's depriving many pensioners of a fair retirement..."
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Pensions firms face competition probe over annuities
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Pensions firms face competition probe over annuities
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Presumably the annuity provider offers £5,000 a year fopr £100,000 pot as usual, but they probably pay handsomely for pimps who groom pension virgins really well.
1 - if you build in commission to pay for cashbacks then the annuity rate would be lower. So, false economy
2 - there is the possibility (probability) that it would be classed as an unauthorised payment by HMRC.
Aren't annuity rates already lower because they build in a deduction for commission/fee even if advice isn't taken?
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
They are. So, factoring even more in is pointless.
Agreed, unless there is some way for me to get that commission rather than it be taken from my pot and given to someone else.
Hmmm, do Cavendish do annuities?
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
Yes, but essentially are irrelevant as they only work from a limited panel that doesn't include the top enhanced providers.
they do but an IFA should be better on 20k or higher due to haggling on enhanced with little difference on standard.
But surely that's because standard involves the annuity company pocketing the commission rather than putting it into the annuity pot?
Perhaps these are the next hidden fees that the FCA needs to address?
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
Standard as in not enhanced. Not in house annuities.
There isnt any. Even in-house ones disclose the commission.