IFA's commision for annuity arranging

dunstonh

It didn't say how much but L&G aren't likely to be best. Plus if you do it in house, the commission will still be paid with no discounting to the adviser linked to the sale of the original L&G pension. I did an open market option quote yesterday for a client who doesn't qualify for any enhancements and L&G came out 4th.

Also, I noticed that the tables data that Ed posted hasn't been updated for nearly a month with some of the providers. The same data is fed through on the quote portals IFAs use. We then have to get the real quotes direct from the provider. You never get the same figure as that shown on the table. You also have to get the top 3-5 in the list because they often change order (from that shown on the tables) when you get real figures.

I would aim for a cap of £1000 on the annuity (around 0.7% commission). Remember with pensions, you are not allowed to receive a rebate. What happens is that the income on the annuity is increased.

cyclonebri1

dunstonh wrote: »

It didn't say how much but L&G aren't likely to be best. Plus if you do it in house, the commission will still be paid with no discounting to the adviser linked to the sale of the original L&G pension. I did an open market option quote yesterday for a client who doesn't qualify for any enhancements and L&G came out 4th.

Also, I noticed that the tables data that Ed posted hasn't been updated for nearly a month with some of the providers. The same data is fed through on the quote portals IFAs use. We then have to get the real quotes direct from the provider. You never get the same figure as that shown on the table. You also have to get the top 3-5 in the list because they often change order (from that shown on the tables) when you get real figures.

I would aim for a cap of £1000 on the annuity (around 0.7% commission). Remember with pensions, you are not allowed to receive a rebate. What happens is that the income on the annuity is increased.

Hmmm, but by how much?

The IFA I visited said I had done fairly well without any advise, I read that as pretty dam good,

Call me old fashioned which only in the money sense I am, but L&G individuals were very helpfull over the years and I still attach a degree of loyalty to this. I must be soft.

So, I have gone direct to L&G who managed my pension provisions.

Dunstonh, you have been exceptional in your advise, but my faith in IFA's which was fairly low before, is now further diminished. Please no offence to you, I don't mind missing out on the Nth degree of interest/ funding, but I will not be had over, and there are principles at stake here.

My inflation proofing will have to be done via my cash investments, which will need the assitance of an IFA

I do detect that truly Independant fa's are hard to find, and must be worth their weight in gold, almost literally.

Thanks for the advise, I will be back.:T :T