Which annuity provider? How to select one?

dunstonh

SouthCoastBoy said:

Never heard of just, are they new?

The origins of Just come from the old Britannic Retirement Solutions team.    Britannic, which some of you may recall the name, was short of money.  Britannic Retirement Solutions was popular with IFAs and a market leader at that time.  It was a jewel in their rather limited crown.  Britannic wanted to sell it, but nobody would pay the asking price.  It ended up closing down, and the team set up Just from its ashes, with no link to Britannic.

FIREDreamer

dunstonh said:

SouthCoastBoy said:

Never heard of just, are they new?

The origins of Just come from the old Britannic Retirement Solutions team.    Britannic, which some of you may recall the name, was short of money.  Britannic Retirement Solutions was popular with IFAs and a market leader at that time.  It was a jewel in their rather limited crown.  Britannic wanted to sell it, but nobody would pay the asking price.  It ended up closing down, and the team set up Just from its ashes, with no link to Britannic.

Didn’t Britannic become Resolution which then became Phoenix Life?

dunstonh

FIREDreamer said:

dunstonh said:

SouthCoastBoy said:

Never heard of just, are they new?

The origins of Just come from the old Britannic Retirement Solutions team.    Britannic, which some of you may recall the name, was short of money.  Britannic Retirement Solutions was popular with IFAs and a market leader at that time.  It was a jewel in their rather limited crown.  Britannic wanted to sell it, but nobody would pay the asking price.  It ended up closing down, and the team set up Just from its ashes, with no link to Britannic.

Didn’t Britannic become Resolution which then became Phoenix Life?

They took over the closed book from Britannic Assurance and Britannic Retirement Solutions, but by that point, the distribution side had already ceased for a couple of years, and the team set up Just Retirement.

dont_use_vistaprint

MyRealNameToo said:

Secret2ndAccount said:

If you are looking for an RPI linked annuity, some will track RPI if it is negative, slightly reducing your monthly payment. Some will use 0 if RPI is less than zero. Not likely to be a big deal, but you did ask. It's generally pretty simple, I think. Haven't heard any horror stories of people not getting paid.

Inflationary benefits can have a cap or a floor, for a personal purchase annuity its fairly likely to be uncapped and may or mayn't be floored at 0. 

If you look at bulk annuities they can be vastly more options, remember one scheme that was floored at 2% and capped at 6% however any escalations above 6% were "stored" and would top up future year escalations when RPI dropped below 6%

Given all these wildly different rules they need to be able to deal with and the durations of a single policy its little wonder their systems are fairly clunky with a ton of workarounds... people who design pension schemes seem only second to those people who buy reinsurance treaties. 

You should see some of the CPI escalation policies and diesel indexation in emerging telecom market contracts  , they run to hundreds of pages 🙈

but you are right, when you figure the underlying risk scamario triggers for adverse CPI you can design a scanario that works really well for you 

SouthCoastBoy

dunstonh said:

SouthCoastBoy said:

Never heard of just, are they new?

The origins of Just come from the old Britannic Retirement Solutions team.    Britannic, which some of you may recall the name, was short of money.  Britannic Retirement Solutions was popular with IFAs and a market leader at that time.  It was a jewel in their rather limited crown.  Britannic wanted to sell it, but nobody would pay the asking price.  It ended up closing down, and the team set up Just from its ashes, with no link to Britannic.

I remember britannic, I think they used to sponsor the cricket county championship. 

FIREDreamer

dunstonh said:

FIREDreamer said:

dunstonh said:

SouthCoastBoy said:

Never heard of just, are they new?

The origins of Just come from the old Britannic Retirement Solutions team.    Britannic, which some of you may recall the name, was short of money.  Britannic Retirement Solutions was popular with IFAs and a market leader at that time.  It was a jewel in their rather limited crown.  Britannic wanted to sell it, but nobody would pay the asking price.  It ended up closing down, and the team set up Just from its ashes, with no link to Britannic.

Didn’t Britannic become Resolution which then became Phoenix Life?

They took over the closed book from Britannic Assurance and Britannic Retirement Solutions, but by that point, the distribution side had already ceased for a couple of years, and the team set up Just Retirement.

It was announced on 31 July that annuity provider Just Group agreed a £2.4bn takeover deal from North American insurance giant Brookfield Wealth Solutions, who I have never heard of.

Seems a lot of UK finance companies are being taken over by foreign companies, RSA being a larger example, taken over by Intact. RSA have also recently completed a buy in of their pension liabilities with PIC, with PIC paying the benefits from 1 September, presumably a buy out will follow in due course.