How does the transfer from the pension provider / pot to the annuity insurance work?

AdventureRocks

Hi,

My parents have done all of the leg work and want to buy an annuity insurance they are just not sure on the procedure on how it all works / flows.
Do they go to the annuity insurance provider and they then the insurer does all the leg work with the pension provider to make sure the pot is transferred securely? They are worried the pension pot will go "missing"  and both the pension provider / annuity insurance will blame each other if it does and they will be out of pocket.

They are ideally after a step by step guide of the process to buy the annuity if anyone could help please it would be appreciated please.

Thank you

SonOf

Do they go to the annuity insurance provider and they then the insurer does all the leg work with the pension provider to make sure the pot is transferred securely?
No.  Most annuity providers do not retail direct to public.  They will need an intermediary if the best rate they have found doesnt deal direct.
They are worried the pension pot will go "missing"  and both the pension provider / annuity insurance will blame each other if it does and they will be out of pocket.
That is an unnecessary worry.  Indeed, many of the providers still use cheques.
They are ideally after a step by step guide of the process to buy the annuity if anyone could help please it would be appreciated please.
See a local IFA.   IFAs tend to get the best rates and if the pension value is over around £25,000 after tax free cash has been taken then the IFA is also probably the cheapest option as the fees usually become cheaper than the commission on direct to provider cases.   Also, if there are medical issues, IFAs tend to get the best rates, usually through better completion of the medical questionnaire.  And, its unlikely your parents know all the options available on annuities and could make the wrong decision. (and with annuities, they are cast in stone once set up.  You cannot change them).

Andrew31

The annuity provider will do most of the leg work, contact the current scheme for the transfer.    I presume they are using someone with a good reputation.