Online Annuity comparison sites?

dunstonh

Are you sure? Do you have a conflict providing misleading information like this? From https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/shopping-around-for-pension-income-products-at-retirement

There is no regulatory classification as annuity broker in the UK.   It's a marketing phrase that is used by some to refer to the non-advised annuity sellers.   Indeed, many of these so-called brokers are just trading names of an IFA or FA company with a website dedicated to annuities (a number of them have a similar website targeting other parts of the market). 

Although as the market for annuities has fallen off a cliff, there are not many players left.

This is the largest annuity broker.  https://www.retirementline.co.uk/

Who have regulatory permissions of a restricted FA focusing on a certain part of the market. 

squirrelpie

I agree with Mordko that there are brokers in the UK who provide annuity quotes on a non-advised basis. So they do exist and are not the same as IFAs.

However, as Which points out on https://www.which.co.uk/money/pensions-and-retirement/options-for-cashing-in-your-pensions/annuities/buying-an-annuity-atlc72m0g9j6 "There may be annuity providers offering higher rates via only a financial adviser". Also, for me, statements like those on Mordko's suggested broker's website that "Every aspect of our annuity service, from providing annuity quotes to arranging your annuity income is at no direct cost to you, as we receive commission from your chosen annuity provider" make me nervous about possible bias in their results, since they might be influenced by commission levels.

So with those two considerations, I would certainly be tempted to expore the IFA route myself in this circumstance, although I don't use one normally. If I was concerned about medical details I would be even more likely to consider an IFA.

[Deleted User]

There is nothing stopping one getting quotes from more than one source. Wouldn’t be a bad idea. 

[Deleted User]

There is no regulatory classification as annuity broker in the UK.   It's a marketing phrase that is used by some to refer to the non-advised annuity sellers.  

They are called IFAs in the UK.

The regulatory term for ^: “BS”. 

xylophone

If the  person considering an annuity has health conditions that affect life expectancy, it seems to me that consulting an independent adviser would be a wise move.

You might look at

https://adviserbook.co.uk/

and tick "confirmed independent"  and other specialisms required.

You could then ring round to check terms of business etc.

Farside71

Personally I find it easier to think of everyone working in the financial services advice industry as working for an adviser firm.  The person you speak to can be either a one man band working for himself, part of a bigger firm, or part of a network of advisers and so on.  That firm (and person) will be registered and have limitations in what they can advise on and do.  You can clearly see it all laid out on the fca site.

https://register.fca.org.uk/s/firm?id=001b000002NHn0sAAD

Personally I don't see any harm in speaking to a "broker", but I'd treat them the same as a comparison website, you have no guarantee you are getting the full  market coverage.  They are essentially just a firm with registered individuals who have permissions to do a limited set of functions.

Or you could speak to an IFA who should be truly independent and discuss openly what services they provide for you.

You could even do both.

[Deleted User]

Brokers are better than comparison websites because you “should” get a better deal, have your questions answered, would be talking to a human specializing in annuities and have your paperwork filled correctly.

Full market coverage isn’t necessarily an advantage here. 

But talking to more than one source of service is always a good idea. 

dunstonh

Brokers are better than comparison websites because you “should” get a better deal, have your questions answered, would be talking to a human specializing in annuities and have your paperwork filled correctly.

So in other words you are telling them to use an IFA.    A non-advised service could not answer all questions asked.

[Deleted User]

dunstonh said:

Brokers are better than comparison websites because you “should” get a better deal, have your questions answered, would be talking to a human specializing in annuities and have your paperwork filled correctly.

So in other words you are telling them to use an IFA.    A non-advised service could not answer all questions asked.

Yes, yes. IFAs are the bestest. Nobody else exists. If they do, they don’t know A from B. Got it. 

dunstonh

Deleted_User said:

dunstonh said:

Brokers are better than comparison websites because you “should” get a better deal, have your questions answered, would be talking to a human specializing in annuities and have your paperwork filled correctly.

So in other words you are telling them to use an IFA.    A non-advised service could not answer all questions asked.

Yes, yes. IFAs are the bestest. Nobody else exists. If they do, they don’t know A from B. Got it. 

Your desperation for people to not use an IFA is well known but now you are showing your real level of maturity.   

Even the most ardent level headed DIY investor on here normally recognises that using an IFA is usually best for annuities (exceptions typically being where there is a high GAR or the fund value is low).   The problem is that your bias prevents you from being rational.