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Annuity quotes
Comments
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Yeah, I can see it would be fraud, and I wouldn't dream of doing it, but I'm sure some must do.
It's an odd thing, this annuity question. I can see the advantages of it, and I can see the advantages of drawdown. I guess at the end of the day, it doesn't really matter. Just pick an option and get on with life.
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I don't know how they would check the smoking but if you get an enhanced annuity the annuity provider will ask you to allow them to check your medical history with your GP. You may not get selected for a check but I was for both of my annuities.
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I don't know how they would check the smoking
A combination of GP record and a cotinine test
You may not get selected for a check but I was for both of my annuities.
The annuity providers can check at any time and not just pre-commencement.
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.3 -
The annuity providers can check at any time and not just pre-commencement.
Sorry if I didn't make that clear. Both my checks were done AFTER the annuity had commenced. There was no issue either time but it does of course raise the possibility that your annuity may be reduced if there is a problem with the information you supplied in the application
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Of course if you are jailed for the fraud, at least your expenditure goes down!
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That is true (as others have said, RPI will be merged with CPIH), but the variation in inflation with time has tended to be much larger than the small difference between the various measures of inflation. In other words, the difference between, for example, 5 years of RPI at 10% (61% increase in income) or 5 years of CPIH at 9% (54% increase in income) is relatively small compared to a period of lower inflation, e.g., 5 years of 4.5% (24% increase in income) or 3.5% (19% increase).
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