Enhanced annuity's

Jonty6262

A relative completed the forms as she has a few  conditions, mainly diabete's, high blood pressure, high cholestrol, rheumatoid arthritis.No enhanced annuity has been given as an option. Aviva is the provider. I don't know if there is an enhanced offered in all applications so thought I would ask for her. 

GDB2222

Why not see what other companies can offer her?

Jonty6262

That is a possibility, I'm just trying to find out what the norm is with the application process.

dunstonh

.No enhanced annuity has been given as an option. Aviva is the provider. I don't know if there is an enhanced offered in all applications so thought I would ask for her. 

Is this the in-house scheme linked to the pension or the Aviva salesforce for annuities?

in-house schemes linked to the pension (i.e. where there is a GAR), do not get enhanced in most cases as the GAR is typically higher than the enhanced rate.      Aviva's own retail annuity via IFAs offers enhanced rates.  So, I would assume their in-house sales force would too.   Although, Aviva hasn't been coming out very good on annuities recently in our recent quotes.

Jonty6262

dunstonh said:

.No enhanced annuity has been given as an option. Aviva is the provider. I don't know if there is an enhanced offered in all applications so thought I would ask for her. 

Is this the in-house scheme linked to the pension or the Aviva salesforce for annuities?

in-house schemes linked to the pension (i.e. where there is a GAR), do not get enhanced in most cases as the GAR is typically higher than the enhanced rate.      Aviva's own retail annuity via IFAs offers enhanced rates.  So, I would assume their in-house sales force would too.   Although, Aviva hasn't been coming out very good on annuities recently in our recent quotes.

Not sure of the answer to that. Will have to find out. I do know Aviva sent all the medical conditions forms for her to fill in. 

Jonty6262

Below is what Aviva say:

The Guaranteed Minimum Pension on your policy is higher than what you’d get based on the medical information. 

dunstonh

Jonty6262 said:

Below is what Aviva say:

The Guaranteed Minimum Pension on your policy is higher than what you’d get based on the medical information. 

Be on guard.  
Is that from the quote or have actual figures been provided?

Annuity providers have to say whether their quote is the best or not and plenty of times they say it is only for an IFA to come in and get better still.  That system is complete farce.   I suspect they are using the annuity tables but they are not reliable and commercial terms are often better.   So, if that is the bit being read, don't always believe it.

However, if they have actually obtained real quotes based on actual medical questionnaires and compared it then it will be correct.  In which case, you would normally expect to be told what the annuity of both options is.      i.e. our version will pay £xxxx and the best open market rate we can find will pay £yyyy.     If they have compared they will know the figures of both.

Jonty6262

dunstonh said:

Jonty6262 said:

Below is what Aviva say:

The Guaranteed Minimum Pension on your policy is higher than what you’d get based on the medical information. 

Be on guard.  
Is that from the quote or have actual figures been provided?

Annuity providers have to say whether their quote is the best or not and plenty of times they say it is only for an IFA to come in and get better still.  That system is complete farce.   I suspect they are using the annuity tables but they are not reliable and commercial terms are often better.   So, if that is the bit being read, don't always believe it.

However, if they have actually obtained real quotes based on actual medical questionnaires and compared it then it will be correct.  In which case, you would normally expect to be told what the annuity of both options is.      i.e. our version will pay £xxxx and the best open market rate we can find will pay £yyyy.     If they have compared they will know the figures of both.

Very interesting, I will dig deeper