What The Association of British Insurers (ABI) Say About Comparing Annuities...
"Looking ahead, more is being done to encourage consumers to check whether they can get a better deal on the open market, and to improve the overall customer experience of buying an annuity.
Significant steps are being taken to encourage consumers to look around the market, including through improving the information provided to consumers at retirement."
What the FSA Says About Comparing Annuities...
"Buying an annuity is an important step and you do have choices. These choices are crucial because they affect how well-off you are in retirement. You should shop around for the best rate before making any decisions.
Contrary to popular understanding, you do not have to buy their annuity from the same insurance company you built your pension fund up with.
There are key questions which you need to think about to help you choose a suitable annuity which meets your needs. Questions include 'is the annuity just for you or do you have a spouse you want to provide for?' 'If you are in poor health, is a high initial income your priority?'
Annuities are complicated so you should consider getting specialist advice."
What the Professional Pensions Publication, DC World says...
"It has been estimated that more than £1bn in pensions was lost by not getting proper advice on the best-selling annuity, reiterating the need for more awareness of the open market option."
After your death, your pension does not automatically become the property of your family; they do not get anything that's left after you die unless you opt for a Joint Life Annuity.
Remember, your pension 'belongs' to the annuity provider as they took on the risk of providing you the annuity based on how long they expected you to live.
It is important to realise that an annuity is a one off purchase. You can't change your mind after you buy an annuity. Your decision will determine your income for the rest of your life.
Basically, an annuity is a regular income which you are guaranteed to receive over your lifetime. Most people call this annuity income a pension.
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Your lifespan as a smoker and your options
The UK open market option...
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This personal annuity comparison service is brought to you by Annuities4U Ltd, the FSA regulated, trusted annuity desk for over 550 other IFA companies.
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But I'm going to give up smoking!
Will my expected income go down?...
Even if you give up smoking after being accepted on the enhanced terms your pension income will remain at that rate for the rest of the your life.
It is important to realise that an annuity is a one off purchase. You can't change your mind after you buy an annuity. Your decision will determine your income for the rest of your life.
Basically, an annuity is a regular income which you are guaranteed to receive over your lifetime. Most people call this annuity income a pension.
Advice is at hand
A professional approach...
An advisor will compare annuity rates helping you to ensure that you maximise your annuity income. They will explain the different options available to you, advise on transferring existing pensions and advise on investing your tax free pension cash.
They will also of course help you with the tiresome form filling that is an unfortunate, but necessary part of the application. This will help ensure that your paperwork is processed smoothly and efficiently.
When looking for impartial advice on choosing the right annuity option, make sure that the advice is not biased. Many providers, including some banks and building societies can not advise on the annuity products of their competitors.
But surely it's easy to see which one's best?
Be careful when reading comparisons...
A company's example may include information specific to a man or woman with a certain pension pot that you may believe compares favourably to other company's annuity rates. This however doesn't necessarily mean that they give the best deal for people in your circumstances.
But won't I get charged a fortune in fees?
How does the broker get paid?...
You'll not have to pay a direct fee. There are no charges for investigating your policy and you're under no obligation whatsoever to follow recommendations that are made.
By using an Independent Financial Adviser you will get advice that's paid for by the annuity company. Your broker receives their commission payment direct from the annuity company that they recommends. Your broker's payment is built into the income that you're offered by the annuity provider. More about commissions.
Discover how much extra you could receive
Compare annuity rates for smokers...
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