Pension Annuity.

Jefferste

Now close to releasing two pension funds, and so looking at who is the best provider as suggested by both pension companies with whom I have been saving for many years, also pensionwise.
I have been informed that I qualify for an enhanced annuity and have now narrowed it down to this or a draw down.
Been onto two sites ( one of which is money advice service) to see who the best company will be to transfer my two pension pots into , and after completing both applications for quotes and filling in the same information, both came up with the same choice of four companies with JUST being named as the best provider followed by Legal and General , and Aviva following behind . However although I have heard of L&G , Aviva and Canada Life which came in fourth each time, I admit that Just is not a company that I have heard of and so reluctant to take my business with them. Has anyone had dealings with JUST or got any knowledge of them ?

Dazed_and_confused

No personal experience but is it this company, who seem to some degree to be annuity specialists?

https://en.m.wikipedia.org/wiki/Just_Group_plc?wprov=sfla1

SonOf

However although I have heard of L&G , Aviva and Canada Life which came in fourth each time, I admit that Just is not a company that I have heard of and so reluctant to take my business with them. Has anyone had dealings with JUST or got any knowledge of them ?

Just are one of the biggest. A very recognisable name in the industry. However, you will get your best rates via an IFA. Not by going direct or via a website.

xylophone

get your best rates via an IFA.

Tick "confirmed independent" and other specialism required when the menu comes up.


https://adviserbook.co.uk/

wjr4

Just used to be called Just Retirement. They merged with Partnership after the pension freedoms. This is because less people were purchasing an annuity. They are one of the largest annuity providers and are a reputable company.

jamesd

Jefferste wrote: »

I qualify for an enhanced annuity and have now narrowed it down to this or a draw down.

How close to state pension age are you and how do the quotes compare to state pension deferral?

Deferring causes an increase of 5.8% in your state pension per year of deferral and the extra increases by CPI each year. Say your state pension is 10k, you could defer for two years, spend 20k from the pots to live on then take a state pension that's £1160 higher. If you have a spouse you could fund them deferring their state pension instead of or as well as your own.

Spending normally decreases in retirement. Do you need the income profile provided by the annuity?

Are you considering level (no inflation increases) annuities or something else?

There's no need to use all of the money for the same thing. Combinations can often be best.