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Annuity & Drawdown Answers UK

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Pension DrawdownWe applied to you from an article in the Daily Mirror, as my husband was getting confused about what he should do with the money in his personal pension, and the pension providers were not very helpful. A lovely lady telephoned my husband and explained what his options were, in language which a layman could understand. You made the whole process so easy to understand and couldn't have been more helpful. We are both so pleased with this excellent service,we would heartily recommend it to anyone.Income-Drawdown Lin and Mick Bentley


Pension DrawdownI am writing to express my sincere appreciation and great satisfaction for the work personally done on my behalf in the acquisition of an excellent annuity rate. The actual rate obtained for me has resulted in an increase of around 27% to my income which is hugely significant to me in retirement. I have no hesitation in recommending Retirement Solutions to anyone in the process of searching for the best deal for their Open Market Option funds transfer.Income-Drawdown Mr. P. Burke


Pension DrawdownWe found your service from start to finish exceptional, indeed that is why we came back a second time and will do again next year.Income-Drawdown Mike Bloy


Pension Drawdown"The service, attitude, helpfulness and efficiency of the staff I have dealt with have been excellent. I would recommend Retirement Solutions to anyone, being confident that they would be thoroughly looked after and that the best deal for them would be attained."Income-Drawdown Keith Hibbert


I thank you for ringing the best out of my situation for me and doing your level best to provide me with the kind of pension that I had planned for these last 18 months or more. I will have no hesitation in recommending your services for anyone at the same stage in their lives as I am. Income-Drawdown Les Jackson


Pension DrawdownThank you ever so much. If you guys ever need a reference please do not hesitate to give my contact details to anyone. Your service is First Class!Income-Drawdown Graham E. Ham


Pension DrawdownI am so happy and grateful to you for the way you handled my retirement pension. It was so expertly handled that the stress factor was minimal and the whole process went without a hitch. So, Congratulations on doing an absolutely brilliant job!Income-Drawdown Shiraz Alibhai

Questions & Answers

Q ) Why Should The Annuity Buyer Beware?

THE ARGUMENT AGAINST PENSION ANNUITY RATE TABLES AND RATES CALCULATORS

A )

You may already have visited other annuity sites and used a rates calculator or consulted a rate table. 7 questions you need to ask...

1) Were you sure that the information was in date?

2) Was it an illustration rather than an individual quote?

3) Did you know that annuity brokers may have access to a wider range of retirement annuity possibilities?

4) Did the table or calculator take into account all products on the market or just a selection?

5) Did the site promote particular providers over others as they are paid higher commissions by some?

6) Are the providers able to pay to list their annuity products higher up the tables, or to have their products shown in a different way?

7) Did you know that the annuity rates may change before your application goes through? If you received a quote, was it guaranteed by the site?

Q ) Were The Tables Updated By Machines Or Humans?

DID THOSE SITES USE 'SCREEN-SCRAPING' TECHNOLOGY THAT RETRIEVES AND TRANSFERS INFORMATION FROM OTHER PROGRAMMES?

A )

According to Wikipedia, "Screen scraping is generally considered an ad-hoc, inelegant technique, often used only as a "last resort" when no other mechanism is available.

Aside from the higher programming and processing overhead, output displays intended for human consumption often change structure frequently. Humans can cope with this easily, but computer programs will often crash or produce incorrect results."

Q ) But The Site Stated It Had Been Recently Updated?

THE STATED RATES MAY HAVE NO RESEMBLANCE TO THE INCOME THAT YOU WILL ACTUALLY ACHIEVE

A )

Even if the table or calculator was 100% up to date and correct, were you aware that the stated annuity rates may have no resemblance whatsoever to the income that you will actually achieve?

This is because your annuity may increase due to your circumstances, i.e. your state of health, medication that you may be taking and whether you're a smoker or not. Some providers even base your future income on your previous occupation or postcode.

Again, let's say you do find a site where everything is up to date and works correctly; do you know at this stage whether you want a level, a fixed-rate escalating or an rpi-linked escalating annuity?

Additionally, have you considered your partner's or dependent's percentage on your death? Have you considered an unsecured pension? The choices are often bewildering.

(Please note that the information on this page does not represent financial advice. You must consult a broker for complete information. "The argument against annuity rate tables and calculators" is an opinion only and you should not rely on this information to make (or refrain from making) any decisions.)

Tags: Annuity Comparison Sites, Annuity Tables

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A SELECTION OF OUR ANNUITY AND PENSION DRAWDOWN PROVIDERS

Aegon Drawdown
Aegon Drawdown

Aviva Drawdown
Aviva Drawdown

Axa Drawdown
Axa Drawdown

Canada Life Annuities
Canada Life Annuities

Fidelity Drawdown
Fidelity Drawdown

Friends Life
Friends Life Drawdown

Hornbuckle Mitchell
Hornbuckle Mitchell Drawdown

Just Retirement
Just Retirement Annuities

Legal & General
Legal and General Drawdown

LV Drawdown
LV Drawdown

Metlife Drawdown
Metlife Drawdown

MGM Annuities
MGM Annuities

Old Mutual Drawdown
Old Mutual Drawdown

Partnership Annuities
Partnership Annuities

Phoenix Drawdown
Phoenix Drawdown

Pru Drawdown
Pru Drawdown

Royal London Drawdown
Royal London Drawdown

Sanlam Drawdown
Sanlam Drawdown

Scottish Widows Drawdown
Scottish Widows Drawdown

Standard Life Drawdown
Standard Life Drawdown

Zurich Drawdown
Zurich Drawdown