UK Annuities: FINANCIAL CONDUCT REGULATED SITES • QUALIFIED, TRUSTWORTHY ANNUITY ADVICE

Centralising Your Pension Annuity Search

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annuity comparisons Visit Open Annuities

You could increase your annuity by thousands. Make sure you recognise the best annuity advice when you get it. The more information about annuities you have, the more able you will be to recognise the best annuity advice when you receive it.
Visit Open Annuities Financial Services Register Number 530750


Annuity Plan Visit Pension Annuity Plan

You may be able to secure several thousand pounds more over your lifetime from annuity providers than your current pension provider. Many are unaware of this very important information. The more information you have, the more able you will be to recognise the best deal when you see it.
Visit Pension Annuity Plan Financial Services Register Number 530750


annuities plan Visit Annuities Plan

All fund sizes welcomed. Why should the annuity buyer be careful? Buying from your pension provider isn't always necessarily the best idea.
Visit Annuities Plan Financial Services Register Number 530750


annuity comparisons Visit Pension Annuity Planner

This company may be able to increase your standard pension annuity through enhanced annuities.
Visit Pension Annuity Planner Financial Services Register Number 530750


annuity comparisons Visit Annuity Base

Using specialist annuity industry search software, an FCA registered Independent Financial Adviser will query top annuity and annuity alternative providers' databases to help you compare and choose which one is the best for you.
Visit Annuity Base Financial Services Register Number 530750


annuity comparisons Visit The Enhanced Annuity

Specialists in enhanced annuities. It is estimated that up to 40% of the UK population could boost their pension annuity income with an "enhanced annuity".
Visit The Enhanced Annuity Financial Services Register Number 483817


annuity comparisons Visit Annuity Comparisons

Why would you use an automated annuity comparison website when an authorised, qualified pension consultant can advise you which is the best annuity for free with no obligation to buy? There are many reasons why you should not trust your future income to comparison tables on faceless sites. In some matters you need absolute certainty.
Visit Annuity Comparisons Financial Services Register Number 483817


annuity comparisons Visit Annuities Extra

Pension annuities for those of us who are not in the best of health. If you've a health problem, no matter how small or insignificant you think it is, you'll stand an increased chance of a higher annuity income.
Visit Annuities Extra Financial Services Register Number 483817


annuity comparisons Visit Simple Annuities

Finding an annuity does not have to be difficult. Pension annuity retirement finance experts with vast experience of annuities are waiting to help you. Compare pension annuities and annuity alternatives now.
Visit Simple Annuities Financial Services Register Number 483817


annuity comparisons Visit The Female Annuity

1000's of women retire every week in the UK. Compare annuities for women and their alternatives.
Visit The Female Annuity Financial Services Register Number 460094


annuity comparisons Visit Annuity Pathway

Your simple pension annuity journey. How you might take the wrong annuity route and lose the annuity income that is rightfully yours.
Visit Annuity Pathway Financial Services Register Number 460094


annuity comparisons Visit Just One Bite Annuities

How a pension annuity will affect your life. You will only get one bite of the annuity apple. Once you buy an annuity, there's no going back.
Visit Just One Bite Annuities Financial Services Register Number 460094


annuity comparisons Visit Pension Annuities Plus

Your annuity income may increase if you have had certain conditions such as high blood pressure, asthma or high cholesterol. This is also true for smokers and for those who have worked in certain occupations. Get pension annuity comparisons now.
Visit Pension Annuities Plus Financial Services Register Number 483817


annuity comparisons Visit Annuity Answers

Why should the pension annuity buyer beware and why do so many retirees ignore a much bigger annuity income? Compare annuities now.
Visit Annuity Answers Financial Services Register Number 483817


annuity comparisons Visit Smokers Annuities

Your lifespan as a smoker and your annuity options. We're sorry to be blunt, but you most likely already know that smokers, in general, have shorter lifespans than non-smokers. Of course annuity providers are well aware of this unfortunate fact of life. Increase your annuity now.
Visit Smokers Annuities Financial Services Register Number 483817


annuity comparisons Visit Annuity Key

Unlike some companies, all fund sizes are accepted. The Retirement Income Customer Hotline Limited may be able to boost your pension income by more than 40% compared with your current pension provider's offering.
Visit Annuity Key Financial Services Register Number 460094


annuity comparisons Visit Buy an Annuity

Buying an annuity from your pension provider isn't always necessarily the best option! You might be able to secure several thousand pounds more over your retirement from annuity providers than your current pension provider.
Visit Buy an Annuity Financial Services Register Number 154622


annuity office Visit Annuity Office

We recognise our annuity clients as individuals, which is why we deal with every case on a one-to-one individual basis. Did you know for instance that your income may increase if you have had certain health problems such as high blood pressure, high cholesterol or asthma? This is also true for smokers and for those who have worked in certain occupations.
Visit Annuity Office Financial Services Register Number 483817


ANNUITIES: Annuities News


Pensions and Annuities Research:

7 Mar 2003 : Column 1090—continued

Annuities Market

Mr. Deputy Speaker: Order. The hon. Gentleman is in danger of being repetitive with his interventions and I can easily rule those out of order. Mr. Dismore: Thank you, Mr. Deputy Speaker. I fully accept your constraints, but I had to read that rather lengthy extract to try to set out the figures accurately so that I could illustrate— Mr. Deputy Speaker: Order. I have been extremely generous to the hon. Gentleman; more than 100 minutes 7 Mar 2003 : Column 1091 passed before I intervened to make that point. However, he will be testing the patience of the House if he continues to read extracts at length, and I have therefore reminded him of what "Erskine May" says on that subject. Mr. Dismore: I fully understand that point, Mr. Deputy Speaker. I should like to develop the argument that comes from those extracts. The Library briefing illustrates that the tax system is based on the taxation of individuals, unless the hon. and learned Member for Harborough proposes that we should return to a joint taxation system, which would have a series of other ramifications and would open up a huge can of worms. Each member of the couple would have to have £140 a week, if we assume that to be the illustrative figure. The problem is that that would create a combined income of £280, which would be an over-provision if the hon. and learned Gentleman's test is the minimum income guarantee limit. If my previous arguments are correct and one has to take account of housing benefit, council tax benefit, long-term care for the elderly and so forth, £280 a week may not be sufficient. However, the Bill is silent on that point, which is part of the problem. The hon. and learned Gentleman challenged me on the question of compulsion. He said that I was in favour of compulsion, and in a press release announcing the Bill, he stated that it would get rid of compulsion. I want to develop some of those arguments. The press release stated that at present it is compulsory to buy an annuity at 75 years of age with a pension pot that has been saved up over the contributory years, subject to a 25 per cent. tax-free lump sum. I stress that point: the hon. and learned Gentleman states that it is compulsory to buy an annuity at 75. However, that is not correct. It is compulsory to buy an annuity by the age of 75, but not at the age of 75. At present, one can buy an annuity from the age of 50—from 2010 that will rise to age 55—until the age of 75. There is flexibility during two decades as to when one buys one's annuity. The Bill compels everyone, whether they like it or not, to buy their annuity at the age of 65. There is a reason for the choice of age 75. It is something called "mortality drag". Some people believe that it is better for a pensioner to wait to buy an annuity because annuity rates are higher for older people. That is a false conclusion, as that feature is only part of the story. Annuity providers set their rates by judging the life expectancy of their customers. That judgment determines how much capital they can afford to return each year along with interest to people who buy the annuities. Because older people are more likely to die, the provider can give a bigger capital boost to its older annuity customers. That is why annuity rates rise with age. If someone decides to start taking their benefits from their pension savings, delays buying an annuity and draws income from their fund while part of the fund remains invested, after a period they could use the residual fund, with any investment growth, to buy an annuity at the rate for their age then. The residual fund needs a strong growth rate if it is to allow that to happen, and the optimum maximum age, because of mortality 7 Mar 2003 : Column 1092 drag—bearing in mind your constraints, Mr. Deputy Speaker, I shall not quote at length from the large amount of source material that I have to justify this—is 75. The critics of the present system, who have said—at length—that age 75 is an arbitrary figure, plucked out of thin air, simply have not studied the actuarial evidence that justifies it. Compulsion at age 65 is at the heart of the Bill for all but a wealthy few. I believe in flexibility. We need to work towards the flexible decade of retirement. People increasingly live longer and want to work beyond 65. We have received plenty of letters from people who object vehemently to being forced to retire at 65. They think that that is the worst sort of ageism, and I agree. In some jobs it may be appropriate to retire at 65, but in others it may not. By specifying 65, the Bill does not provide the flexibility that the modern age requires. Being an hon. and learned Gentleman, the promoter of the Bill will be aware of the requirements of European Union law. I am not sure where he stands on the Eurosceptic front, but the Government are developing proposals to outlaw age discrimination in employment and vocational training by December 2006. The hon. and learned Gentleman has failed to address that serious point. The present system provides 20 years' flexibility; his provides none at all. The Bill would remove people's current choice and instead force them to buy an index-linked annuity for each personal pension arrangement that they hold. That may not be what they want. It certainly may not be in their best interests. The opportunity, if a very small pension arrangement is held, of taking different annuity types at different times to spread risk would be removed. Using their open-market option for annuity purchase, people have the freedom to decide which type of annuity best suits their needs. The proposals in the Bill would take away that choice. The Bill would also require the annuity to be bought by age 65, so that most people would have no option but to draw all their pension benefits from that age, whether retired or not, again limiting choice. That would introduce inconsistency and unfairness, as the requirement to annuitise by 65 applies only to personal pensions and not to retirement annuity contracts or defined contribution money purchase occupational pension schemes, which are not affected. The age 65 rule also introduces a much larger issue. People who were saving in a personal pension scheme would not be able to contribute it to it past 65, and would have to take an annuity from that age. Those who have not made provision earlier in life or are still active and working would be allowed to continue in employment but not to save any of their earnings in a pension scheme for their future retirement unless they have a retirement annuity contract or are in an occupational pension scheme. As my hon. Friend the Member for Don Valley (Caroline Flint) said, this is a typical Tory Bill—for the few, not the many. In fact, most people would be considerably disadvantaged by a requirement to use their fund to purchase an index-linked annuity. It would remove choice, hitting particularly those with small funds who might need to maximise their income. At present they can choose whether to have a higher-income flat-rate annuity or a lower starting income but 7 Mar 2003 : Column 1093 index-linked annuity, or they can utilise a number of with-profits or investment-linked annuities that are available on the market. The Bill would force everyone to buy an index-linked annuity whether or not it suited their preferences or needs. A major criticism of the Bill is that it benefits only rich people. We have been accused of bringing the politics of envy into the debate, but I am not bothered whether the Bill would benefit only rich people; my main concern is whether it is fair between the different income groups, and between the annuitant/taxpayer and the Exchequer. If the measure is genuinely revenue neutral, I am quite laid back about it—there is not a problem. My concern is whether the proposal could penalise the less well-off, which takes us back to the relationship between pension credits and the minimum guaranteed income. I am also concerned about whether there is equity between the different income bands. I pray in aid the comments of the ABI, which were reported as long ago as 17 December 2001 in the magazine This is Money, under the headline "Insurers welcome pensions Bill": "The Association of British Insurers said that this was a contribution to the debate on the compulsory purchase of annuities. However, association spokeswoman Emma Grainge said: 'Our general fear is that most people will have insufficient savings to take advantage of it.' She said that to get an income of more than £140 a week people would have to spend around £50,000 on any annuity, and many people's retirement funds were less than this." We have seen that £140 has already been overtaken. However, if the yardstick—we don't know what it is—were an income equivalent to the full minimum income guarantee amount, the fund needed to buy an annuity income equivalent to its April 2003 level of £102.10 a week, or £5,309.20 a year, for a male aged 65 would be around £70,000. Assuming that people would take their maximum tax-free lump sums, the necessary fund size would be some £94,000. If the annuity were to be index-linked, a fund before lump sum of about £120,000 would be needed. If the minimum income required to be secured under the Bill were only the difference between the state retirement pension and the minimum income guarantee—£24.45 a week or £1,281.80 a year—the fund needed before the lump sum is taken in order to provide an index-linked annuity would be about £129,000. None of those examples, which come from the hon. and learned Gentleman's previous briefing materials, would necessarily suffice to protect the state as the minimum income guarantee is earnings linked and would increase at a faster rate than the minimum pension income. Who would benefit from all this? Most of those retiring now have pension funds of far less than those amounts. ABI figures show that in 2001 the average fund used to purchase an annuity was about £25,000, and that around 45 per cent. were less than £10,000. Incidentally, that shows why pension credit is so important. Precisely those sort of people will benefit from the pension credit. The ABI's evidence shows that most people don't have more than one pension pot. The changes proposed in the Bill would therefore benefit only the wealthier sections of the population who are able to build up larger funds. The vast majority would remain compelled to use the whole of their pension fund 7 Mar 2003 : Column 1094 to buy an annuity and would gain nothing from the changes except the compulsion that removes the freedom of choice that they already have. © Parliamentary Copyright Keywords: Pension, Annuities, Annuity, Pensions Please note that the annuities and income drawdown information contained within the articles and general text on Annuities Central may not be intended for annuity consumer use, may no longer be current and should not be used by consumers to make financial decisions. It is very important that you don't use this annuity information in isolation to decide which annuity or annuity alternative to buy. Annuity comparisons and pensions information or opinions expressed are made as at the date of this publication and are subject to change without notice. Always seek the help of an annuity broker before you buy an annuity.

annuity comparisons Visit Open Annuities

You could increase your annuity by thousands. Make sure you recognise the best annuity advice when you get it. The more information about annuities you have, the more able you will be to recognise the best annuity advice when you receive it.
Visit Open Annuities Financial Services Register Number 530750


Annuity Plan Visit Pension Annuity Plan

You may be able to secure several thousand pounds more over your lifetime from annuity providers than your current pension provider. Many are unaware of this very important information. The more information you have, the more able you will be to recognise the best deal when you see it.
Visit Pension Annuity Plan Financial Services Register Number 530750


annuities plan Visit Annuities Plan

All fund sizes welcomed. Why should the annuity buyer be careful? Buying from your pension provider isn't always necessarily the best idea.
Visit Annuities Plan Financial Services Register Number 530750


annuity comparisons Visit Pension Annuity Planner

This company may be able to increase your standard pension annuity through enhanced annuities.
Visit Pension Annuity Planner Financial Services Register Number 530750


annuity comparisons Visit Annuity Base

Using specialist annuity industry search software, an FCA registered Independent Financial Adviser will query top annuity and annuity alternative providers' databases to help you compare and choose which one is the best for you.
Visit Annuity Base Financial Services Register Number 530750


annuity comparisons Visit The Enhanced Annuity

Specialists in enhanced annuities. It is estimated that up to 40% of the UK population could boost their pension annuity income with an "enhanced annuity".
Visit The Enhanced Annuity Financial Services Register Number 483817


annuity comparisons Visit Annuity Comparisons

Why would you use an automated annuity comparison website when an authorised, qualified pension consultant can advise you which is the best annuity for free with no obligation to buy? There are many reasons why you should not trust your future income to comparison tables on faceless sites. In some matters you need absolute certainty.
Visit Annuity Comparisons Financial Services Register Number 483817


annuity comparisons Visit Annuities Extra

Pension annuities for those of us who are not in the best of health. If you've a health problem, no matter how small or insignificant you think it is, you'll stand an increased chance of a higher annuity income.
Visit Annuities Extra Financial Services Register Number 483817


annuity comparisons Visit Simple Annuities

Finding an annuity does not have to be difficult. Pension annuity retirement finance experts with vast experience of annuities are waiting to help you. Compare pension annuities and annuity alternatives now.
Visit Simple Annuities Financial Services Register Number 483817


annuity comparisons Visit The Female Annuity

1000's of women retire every week in the UK. Compare annuities for women and their alternatives.
Visit The Female Annuity Financial Services Register Number 460094


annuity comparisons Visit Annuity Pathway

Your simple pension annuity journey. How you might take the wrong annuity route and lose the annuity income that is rightfully yours.
Visit Annuity Pathway Financial Services Register Number 460094


annuity comparisons Visit Just One Bite Annuities

How a pension annuity will affect your life. You will only get one bite of the annuity apple. Once you buy an annuity, there's no going back.
Visit Just One Bite Annuities Financial Services Register Number 460094


annuity comparisons Visit Pension Annuities Plus

Your annuity income may increase if you have had certain conditions such as high blood pressure, asthma or high cholesterol. This is also true for smokers and for those who have worked in certain occupations. Get pension annuity comparisons now.
Visit Pension Annuities Plus Financial Services Register Number 483817


annuity comparisons Visit Annuity Answers

Why should the pension annuity buyer beware and why do so many retirees ignore a much bigger annuity income? Compare annuities now.
Visit Annuity Answers Financial Services Register Number 483817


annuity comparisons Visit Smokers Annuities

Your lifespan as a smoker and your annuity options. We're sorry to be blunt, but you most likely already know that smokers, in general, have shorter lifespans than non-smokers. Of course annuity providers are well aware of this unfortunate fact of life. Increase your annuity now.
Visit Smokers Annuities Financial Services Register Number 483817


annuity comparisons Visit Annuity Key

Unlike some companies, all fund sizes are accepted. The Retirement Income Customer Hotline Limited may be able to boost your pension income by more than 40% compared with your current pension provider's offering.
Visit Annuity Key Financial Services Register Number 460094


annuity comparisons Visit Buy an Annuity

Buying an annuity from your pension provider isn't always necessarily the best option! You might be able to secure several thousand pounds more over your retirement from annuity providers than your current pension provider.
Visit Buy an Annuity Financial Services Register Number 154622


annuity office Visit Annuity Office

We recognise our annuity clients as individuals, which is why we deal with every case on a one-to-one individual basis. Did you know for instance that your income may increase if you have had certain health problems such as high blood pressure, high cholesterol or asthma? This is also true for smokers and for those who have worked in certain occupations.
Visit Annuity Office Financial Services Register Number 483817