Looking for a new pension provider.

DRS1

It may be obvious but you can get enhanced quotes from the Moneyhelper annuity thing (and I assume that is what you did?). So if the L&G quote was better than the enhanced Moneyhelper quote make sure that SL get whatever extra information your GP provided to L&G to get that better quote.

dunstonh

Now normally it is recommended to not just get your annuity from your pension provider, but to shop around. However SL claim that as a SL pension customer asking for annuity quotes from them, they will also check the rest of the market. Not sure how this works in practice though.

Its doesn't work very well. Plenty of times I have seen the top rate state that they are not the top and the a lower rate claim that they are best rate. It's best ignored as the systems cannot cope with improved terms, manual underwriting quotes, etc.

Moonwolf

https://forums.moneysavingexpert.com/discussion/comment/81860773#Comment_81860773

I think the difference was the pulmonary embolism and my anti-coagulants that I couldn’t put on the Money Helper form as an option, just as text.

Moonwolf

https://forums.moneysavingexpert.com/discussion/comment/81860490#Comment_81860490

I’ve started the process, they will allow a partial annuity if I buy it directly - or if they can’t manage to match the best quote they will pass me to their partners who can arrange the annuity. In other words I can only have a partial annuity if I use who they say. This seems anti-competitive and if they do pass me on I am tempted to switch anyway and possibly complain to the ombudsman or FCA.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81861913#Comment_81861913

If you get the best available annuity rate for YOU anyway I am not sure you would have anything to complain about.

Moonwolf

I’ll just put a closure on here. I paused the decision to have a think and then restarted the process through Standard Life back in June.

Standard Life couldn’t match the market so passed me to their partners. The partners came up with figures in the same ballpark to my previous best quote, in fact the quote was Legal and General again.

As a result of the delay and because I didn’t choose the same options I can’t compare my previous quote and this quote directly, although I do know I had to pay more than twice as much, in fees, just over £4,000 instead of £2,000.

However in the end for £150,000 (plus £50k tax free cash) I got £7916 per year, uncapped RPI with no guarantee period but 100% partner. I’m 60 with various conditions and my spouse is 75. My target was £7,500 so I am happy.

I now have just over £30k of inflation linked guaranteed pension income with a full state pension to come, and £225,000 remaining in my DC pot. Once my state pension arrives I will want (but don’t need) £4k a year from the DC pot. In the meantime I’m drawing down to just below the HRT threshold. I have eradicated worries about the stock market and running out of cash.

Everything else is to cover planning gaps such as fiscal drag, elderly care if necessary, particularly for me and of course my partner’s future in the event of my untimely death.