Best Annuity Comparison Tool

dillonthedog · 17 June 2019 at 5:42PM

Hello

I reach 60 in Oct 2019.

I had a small previous employer annuity quote - £57029 lump sum paying annuity of £2702.16 pa. This has been dealt with but I was using the numbers as a benchmark only.

My serps pension is with Aviva. Lump sum £64277 currently projecting annuity of £2419.50. I thought this was low compared to the first above, so I used the pensionwise/MSE tool comparison.moneyadviceservice.org.uk to see comparisons - 'Just' was top @ £2028, then Canada Life @ £1848 then Aviva @£1728. If I use the Aviva site tool proper, it comes close to the £2419 per their letter.

Are there any other decent annuity comparison sites ? because the moneyadviceservice one is inaccurate. Alternatively is best option to manually trawl through each of the 'top' five providers by phone/tool given the moneyadviceservice tool is way off.

zagfles · 17 June 2019 at 7:42PM

Are you sure you're comparing like with like, ie same indexation, same guarantee, same spouse benefit etc?

Cavendish used to be a good annuity discount broker but they don't seem to do it anymore, or at least if they do it's well hidden on their website! I guess there's far less demand for annuities than they used to be.

Be very careful with a level (ie non index linked annuity) as you expose yourself to a lot of inflation risk, particularly in the current climate!

dillonthedog · 17 June 2019 at 9:01PM

zagfles wrote: »

Are you sure you're comparing like with like, ie same indexation, same guarantee, same spouse benefit etc?

Thanks. Yes, the information input was identical, and as I said when I actually inputted the info on the Aviva site as opposed to the moneyadvice site, it was similar to the Aviva letter/numbers. I was just a bit gobsmacked it was so far out. I've asked both Aviva and pensionwise if there are any comparison tools and the only one they will recommend is the moneyadvice site. If no alternatives, I'll just have to manually check.

westv · 17 June 2019 at 10:48PM

HL have one too. May I ask why you are considering an annuity at 60 rather than drawdown?

Best Annuity Comparison Tool

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