Finding an annuity

dunstonh

DRS1 said:

sparklymarkly said:

Legal & General and Aviva both sell annuities direct.

Interesting.  Shame they came last and last but one on the quote I just ran on Moneyhelper

They have both been off the boil over the last few weeks.

ukdw

It is very quick and easy to get online quotes from HL - including enhanced.  

I've used regular quotes from HL to try and time the market, and sense check the quotes from my IFA - the IFA ones are slightly better than HL - but took weeks to get, instead of seconds.

I'm not completely sure about charges are in the HL quotes.  My IFA charged the equivalent of roughly 0.75% for my two Annuity purchases

dunstonh

I've used regular quotes from HL to try and time the market, and sense check the quotes from my IFA - the IFA ones are slightly better than HL - but took weeks to get, instead of seconds.

There is some relatively new software available to IFAs that speeds up the product of repeat quotes.  
Previously, the two main ones would expire quotes after 30 days, requiring everything to be input manually again, including all health information etc.    

However, with the (relatively) new software supplier, quote data remains in situ until the IFA archives or deletes it.   So, the IFA can just adjust the value and resubmit to get the quote.  It shaves a load of time off the process.  

Time4T_Accounts

ukdw said:

It is very quick and easy to get online quotes from HL - including enhanced.  

I've used regular quotes from HL to try and time the market, and sense check the quotes from my IFA - the IFA ones are slightly better than HL - but took weeks to get, instead of seconds.

I'm not completely sure about charges are in the HL quotes.  My IFA charged the equivalent of roughly 0.75% for my two Annuity purchases

Thanks for the steer to HL.  I’ve just run the quotes, and reading through the details of the one that came out highest, it appears that their set-up and management charges are reflected in the income quotation.

My understanding is that rates are usually a bit better through an IFA, so it’ll be interesting to see how it turns out.

cheers

sparklymarkly

dunstonh said:

DRS1 said:

sparklymarkly said:

Legal & General and Aviva both sell annuities direct.

Interesting.  Shame they came last and last but one on the quote I just ran on Moneyhelper

They have both been off the boil over the last few weeks.

Must be a sign of the times - they were at the top of the list when I got quotes early last year and the beginning of this year.

FIREDreamer

sparklymarkly said:

dunstonh said:

DRS1 said:

sparklymarkly said:

Legal & General and Aviva both sell annuities direct.

Interesting.  Shame they came last and last but one on the quote I just ran on Moneyhelper

They have both been off the boil over the last few weeks.

Must be a sign of the times - they were at the top of the list when I got quotes early last year and the beginning of this year.

Standard Life and Just Annuities seem to be the best at the moment I think.

Time4T_Accounts

Just were the top of the list when I ran it a few hours ago 

dunstonh

sparklymarkly said:

dunstonh said:

DRS1 said:

sparklymarkly said:

Legal & General and Aviva both sell annuities direct.

Interesting.  Shame they came last and last but one on the quote I just ran on Moneyhelper

They have both been off the boil over the last few weeks.

Must be a sign of the times - they were at the top of the list when I got quotes early last year and the beginning of this year.

The best providers are changing almost weekly.

Standard Life and Just Annuities seem to be the best at the moment I think.

Standard Life lowered their annuity rates last Friday.   
And a Just  annuity quote I obtained on Thursday had gone down 10% when I requoted for application earlier this week.  Luckily, the original quote still stood.

Just tend to be the most volatile in their changes.  You can hit a sweet spot for a couple of days and then they change it again. 

I did an annuity today, and Aviva was top.   
I did two annuities yesterday. One was Canada Life and the other was Standard Life (on last weeks quote).   Last week I did a Scottish Widows.       So, it's a bit all over the shop at the moment.  However, L&G have been off the boil for a couple of months.

I have had the magic 20-year guarantee period come out with better rates than lower or no guarantee period several times in the last month, too.  That has been a quirk for nearly a decade but its nice to see it still happen.   Its a bit pot luck but its nice when it happens.

Early_Retire_Free

Out of interest, what made you decide for an annuity (rather than drawdown)?

Time4T_Accounts

I am actually in Drawdown. I retired 7 years ago, aged 60, funding it from the 25% tax free (which would still keep me going for a further year and a half from now, anyway, if I want it to) . I think it’s a combination of increasing risk aversity as I age, better annuity rates, plus realising that I can generate the amount I need each month by using about 70% of my fund (the amount increasing by RPI, and with 50% cover for my wife - who has a good DB pension of her own anyway) and which means that I’ve still got a decent amount left over to deal with future life’s inevitable curved balls.  In other words, I think it’s the right time, for me, to buy some certainty.