Annuity dilemma

polar_pig

dunstonh said:

Canada Life haven't been the best annuity provider on lifetime annuities for some time now.   Plus, the commission the pension provider took can be quite high and do more damage to the annuity rate than using an IFA.  The fact you used CL suggests it may have been when CL were offering better terms or it isn't a lifetime annuity.

All my quotes were between March and June 2023. For my particular circumstances for an EA, CL were the highest of all quotes from all providers for each route tried. I got the early June rate increase. Now I've got my EA running and getting monthly payments for life, I've stuck my head in the sand since and so CL may have fallen behind the competition since then. Whilst I have two further pensions I will probably not buy an annuity with those.

dunstonh

All my quotes were between March and June 2023. For my particular circumstances for an EA, CL were the highest of all quotes from all providers for each route tried. I got the early June rate increase

That explains it.  CL were better earlier in the year but as rates have continued to rise, others have moved above them.

Trapdoor

I have just had my 5-year annuity confirmed with Canada Life and will be in payment from the end of this week. Certainly the best quote from those obtained by my IFA, and in some cases by some margin. I did manage to get in and the quote guarantee period was honoured by CL before the rates were knocked back a bit.

The whole process with CL has been efficient and pretty speedy, and my PCLS was paid to me far faster than predicted. No complaints at all here.