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Annuity Ready

GrahamLM52
Posts: 72 Forumite

Has anyone used the Annuity Broker "Annuity Ready"?
They say they are part of the Legal & General Group.
If you know about them or have first hand experience of them, what are they like to deal with?
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Comments
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Why not go to L&G direct for an anuity0
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To get the best annuity rates, its usually best to go via an IFA. Not direct to a provider or non-advised service (who will factor an open ended percentage commission into it)I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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L&G told me they could not offer the best rate and they transferred me to Annuity Ready. Annuity Ready have come back with a quote above all the others, but before accepting I thought I'd ask whatt they were like as never heard of them.
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dunstonh said:To get the best annuity rates, its usually best to go via an IFA. Not direct to a provider or non-advised service (who will factor an open ended percentage commission into it)
... or would the IFA then insist that you pay them for advice on whether an annuity is the best option for you or not?1 -
L&G told me they could not offer the best rate and they transferred me to Annuity Ready. Annuity Ready have come back with a quote above all the others, but before accepting I thought I'd ask whatt they were like as never heard of them.Distribution and manufacturer are split in financial services. The regulatory requirements differ. So, insurers often use subsidiary companies to keep the liability and regulatory requirements separated.Even after taking into account the IFA advice fees to get the annuity? So even if you don't normally use an IFA, you could go to an IFA with a very specific instruction to purchase an annuity for you (e.g. lifetime indexed annuity paying x starting amount per year) and they would get the best price?IFAs arrange annuities on a nil-commission basis. When you buy without advice, they are arranged on a commission basis. So, excluding the adviser fee, the annuity rate with an IFA will be higher.
The IFA needs to be paid for but that can be deducted from the pension. That effectively counters the commission. So, it becomes a commission vs fee comparison. If the pot is £100k and a direct firm is taking 3% commission than that is £3000 factored into the annuity rate. If an adviser is taking £2000 then its £2000 factored into the annuity rate.... or would the IFA then insist that you pay them for advice on whether an annuity is the best option for you or not?Most will insist on advice and that is no bad thing as most consumers don't have a clue what annuity options are available. Plus, not all annuity providers handle the options in the same way.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
First things first. I'm not sending them any money! Any transfers (if they occur at all) will be between my pension provider and the annuity provider. I was passed to "Annuity Ready" by my pension provider after discussions that I initiated (so not a cold-call, SMS or social media post).I researched "Annuity Ready" (which is a Trading Style of Investment Discounts Online Limited) and checked out "Investments Discount Online Limited" at companies house (where their reports detail their links to Legal and General). I then checked with the FCA who list "Investments Discount Online Limited also known as Annuity Ready".Their T&C's and email addresses are IDOL.CO.UK which is a shortening of "Investments Discount Online Limited".So far I'm satisfied that they are not scammers (If anyone knows otherwise, please let me know).I am keen to know whether they are good to deal with (efficient, professional, easy to contact etc)? I'm asking because my interactions with other financial organisations (Scottish Widows, Aviva and Black Rock spring to mind as the worst) have been frustrating to say the least.Aviva, for example, took me through a Pension Review (took an hour). When I later called asking to proceed they said I needed to have a Pension Review. They had no record of my previous review. Went thorough the whole review again (another hour). Didn't hear anything, so called them and was told they couldn't do anything until (you guessed it) I'd had a Pension Review! Scottish Widows are even worse.That is why I'm asking if anyone has had first hand experience of Annuity Ready?1
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You generally find that the online/direct options are fine if you know what you want (i.e. all the options available are known to you). However, if you are of low knowledge or have a need for more advanced options or methods that are not available to all providers then an IFA would be better.
Direct/non-advised options rely on you to tell them what you want. They may also simplify the options available by not mentioning a bunch of them unless you tell them that is what you want.
And, as mentioned above, the direct option/non-advised option may be more expensive than a local IFA. And its rarely a good idea to use a provider directly for annuity purchase.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi Graham,
Did you use Annuity Ready in the end or did you find a better way to purchase an annuity ?
Thanks0 -
If an IFA insists on taking advice (££), then perhaps it is wise to increase your knowledge on the topic.Unless of course you want their help….but if you have perhaps built a decent pot without such help, maybe you just need some good pointers 🤷♂️
https://www.ageuk.org.uk/information-advice/money-legal/pensions/annuities looks to have a reasonably clear description of options - they show 7, certainly reads like they cover most options.
Not sure if others have other links to broaden the knowledge of the fine folk on this forum?
It could be interesting to hear what types people tend to use.Plan for tomorrow, enjoy today!1 -
https://www.ageuk.org.uk/information-advice/money-legal/pensions/annuities looks to have a reasonably clear description of options - they show 7, certainly reads like they cover most options.They show the types but not the options.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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