Impaired annuity quotes

bertie1hound

Hello,

I am considering purchasing an impaired annuity with my £300k pension pot at age 55 due to history of stroke 10 years ago.

So far I have got quotes from the moneyhelper website and have been looking at the sharingpension website.

Please can I ask for advice about best next steps to get the best deal to maximise my annual income?

Thanks in advance

Keep_pedalling

I would consult an IFA with regard to the best deal you can get. IFAs can check rates across all providers, including specialist companies that do not deal directly with the public.

Brie

I've selected an enhanced annuity via HUB which is a pension advice company that my employer uses. I don't know if the Belfast offices that I had contact with offer their services to the general public but I believe the larger HUB group does.

The process with HUB was for me to discuss with them my various medical issues/diagnosis and then they did a search of their data base of pension admin companies and came back to me with the 5 best quotes. I then chose the company I wanted to handle my annuity and applied giving the parameters of the annuity (guarantee period, % annual increase etc).

The whole thing has taken me a long time to sort out mostly due to having new medical issues being discovered. On the plus side because I was dealing with hospital consultants that were writing to my surgery with test results I had immediate access to my medical records that I could provide as part of the application.

I had originally tried to find a suitable IFA but was very disappointed. I don't know if they didn't want me as a client due to my funds not being of high enough value but some simply didn't respond after initial enquiries, others gave me blatantly wrong information and one simply out and out lied to me.

dunstonh

With £300k, I would have thought an IFA would be better value than a commission-based website. (an IFA with a capped fee or tiered fee would be better than commission that is uncapped).

Also, providers have stated over the years that the medical details they get via IFAs allows them to make better pricing decisions than those sent via websites.

wjr4

https://forums.moneysavingexpert.com/discussion/comment/82150340#Comment_82150340

how did they lie to you out of interest?

Brie

https://forums.moneysavingexpert.com/discussion/comment/82151358#Comment_82151358

The IFA told me that he couldn't have me as a client as I'm not British. When I questioned this he went on to say no IFA could have me as a client due to this as all IFA clients must have UK citizenship. Frankly this is so preposterous as the company pension that I wanted him to help me with is from when I worked for one of the largest banks on the high street for 15 years and I know very well that a large portion of it's employees are not British but, like me, are legal residents of the UK.

If, instead, he had said that I would do better seeking advice from someone who also deals with foreign investments (which I also mentioned I was inheriting) I would have understood as I know not everyone has the knowledge to deal with such things.

bertie1hound

Thank you for the advice