Names of companies who sell annunities

Beatle_Ray

Hi Everyone,

I need some help here, i was thinking of going through a financial advisor but i thought why not do it direct, as i understand there are three companies, one of them is axa, any others and phone numbers please.

Thanks

Beatle Ray

dunstonh

but i thought why not do it direct,

Couple or reasons why not.

1 - its no cheaper and actually may be more expensive. Especially on larger fund values
2 - Many companies will only transact annuity purchases through IFAs. Especially those that offer improved terms for smokers or those on medication or have had health issues (which can be as little as high cholestoral or high blood pressure).
3 - There are far more than 3 companies. I cannot recall ever using AXA for an annuity. They just dont come up on the pricing.

EdInvestor

I wonder if Beatle Ray is referring to a care annuity?

There are only 3 providers of those and IIRC AXA is one of them.

Very important to take advice if so, as there are huge variations between offers.

This crowd may be a good place to start:

https://www.nhfa.co.uk

dunstonh

I assumed lifetime annuity with this being the pension forum. Although I notice that annuity is in the forum title so you could well be right.

Beatle_Ray

Hi Everyone,

Yes it is a care annunity that I'm after, one general question for Ed Ivestor and Dunstonh, should i be cautious with an IFA or lay all my cards on the table, i'm thinking about asking him to oversee the complete package here, i'm poa for my mothers estate, currently have £150,000 in assets, peps,isa's shares etc and the house paid for, value £375,000, so an overall big pot to deal with, mum is going into care and will not get any financial help(small amount of £101 P/W) so i need to get some advice on IHT and the annunity, so you can see my concerns

Thanks

Ray

EdInvestor

dunstonh wrote: »

I assumed lifetime annuity with this being the pension forum. Although I notice that annuity is in the forum title so you could well be right.

There's actually no clear-cut place to post on financial issues related to care,though there are an increasing number of threads.Many are in the Silver Savers forum,some are in the benefits area, some in the property forum, some in tax.

Good idea if we had a sub-forum on the topic IMHO, not least because the financial side is so complicated. .

dunstonh

should i be cautious with an IFA or lay all my cards on the table

Depends on whether you want best advice or not. I can tell you that it is extremely fustrating when people hold things back from you but tell you something later that then changes the whole scenario you have proposed. Sometimes you do find out about something later which would have altered the recommendation in the first place so its best to be up front and honest if you want best advice.

I have chosen not to do immediate care annuity advice as there just isnt enough of it around to justify the extra licencing and regulatory/compliance costs in my case. I would think that many small IFAs are similar. It also sits with my views that IFAs need to specialise to give best advice and not be jack or all trades, master of none. The few occassions it has been necessary, I have used another adviser that specialises in that area. So, if you do go down the advice route, make sure it is a specialist in this area.

EdInvestor

I agree with DH.The link above is to a specialist IFA.I have no personal experience of them, but their website has a lot of useful info, eg these top tips on care funding::

https://www.hsbcpensions.co.uk/nhfa/pdfs/is6.pdf

And now they are owned by HSBC the misselling protection side is stronger, a factor when you are talking big lump sums IMHO.