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Buying an annuity

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rizzo_2
rizzo_2 Posts: 24 Forumite
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in Pensions, annuities & retirement planning
The company recommended by my pension provider to buy an annuity hasn’t been brilliant, cancelling calls, ringing at wrong times, giving us a quote without the option to proceed, then giving us lower figures.  When we expressed our disappointment, we were told that they are the only company we could deal with/our pension provider would recommend.  Surely this can’t be right? We’ve kind of lost confidence in them, four weeks down the line and we have got nowhere…..

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  • dunstonh
    dunstonh Posts: 116,716 Forumite
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    we were told that they are the only company we could deal with/our pension provider would recommend.  Surely this can’t be right?
    Annuities can be bought via any IFA or broker.   Only scheme pensions are required to go through the administrators of the occupational pension.

    We’ve kind of lost confidence in them, four weeks down the line and we have got nowhere…..
    You need to start motoring.   Rates appear to have peaked and are starting to fall.


    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.
  • rizzo_2
    rizzo_2 Posts: 24 Forumite
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    Thanks.  It’s not an occupational pension.
  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 13,718 Forumite
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    edited 14 November 2023 at 9:13PM
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    Why are you limiting yourself to the current providers suggestion?

    Are they providing "advice" or is just an in house (sales) option?
  • rizzo_2
    rizzo_2 Posts: 24 Forumite
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    As we’re not impressed we’ll be looking elsewhere but don’t really know where to start.
    It’s a financial solutions company that’s been recommended by our pension provider.
  • dunstonh
    dunstonh Posts: 116,716 Forumite
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    rizzo_2 said:
    As we’re not impressed we’ll be looking elsewhere but don’t really know where to start.
    It’s a financial solutions company that’s been recommended by our pension provider.
    Any local IFA will be fine.   
    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.
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