How do you get the best annuity

Stan_Rhodes

Hi! I ,m 58 years old and I have 4 frozen pensions. I get an anual prediction of what the pensions will produce when I,m 60 or 65, it,s a pittance.
How do I find out who will give me the best deal?

dunstonh

Go to an IFA who will investigate the open market option for you and compare it against your existing plans.

AFAIA, there is no other way of doing this as most of the best annuity providers are IFA only. Plus you would need to know whether the plans need to be done under open market option or transfer. Plus the impact of protected and ordinary rights and whether 1987 pre royal assent applies on any protected rights.

It may be a case that the pensions (or some of them) could be transferred now to alternative provider who may offer lower charges on the pension until you retire (say at age 65 or whenever). Not all existing pensions have transfer penalties. Or, it may be that the fund selection of the existing plans doesnt meet your goals, expectations or attitude to investment risk and these could be altered.

Stan_Rhodes

Thanks for your reply. I,ll take your advice and investigate further.