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

Centralising Your Pension Annuity Search

BUT FIRST, SOME IMPORTANT INFORMATION THAT COULD BOOST YOUR RETIREMENT FINANCES Have you taken out a credit or store card, mortgage, secured loan, unsecured loan or hire purchase agreement in the last 10 years? If you have (or have had) a mortgage, loan or credit card with providers such as Barclaycard, Abbey, Santander, Littlewoods, MBNA, Halifax, HSBC, HBOS, Lloyds, Natwest, RBS or in fact any other credit provider, you may be able to reclaim up to £15,000 if you were sold PPI insurance - in most cases even if you have lost the paperwork. Learn more about PPI Claims now!


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 1081—continued

Annuity Reform

Mr. Bryant: I hate to correct my hon. Friend but I don't think that he means that people were dying at the age of 10 in 1901; he means that they lived 10 years beyond the age of 65. Mr. Dismore: My hon. Friend is correct. None of us would have been here, based on what I said. In 1901, men lived to the age of 65 plus 10.6 years, which is 75.6. In 2021, men are projected to live to 65 plus 18.1 years, which would be—[Hon. Members: "83.1."] That is O-level maths for you. Mr. Bryant: My hon. Friend could be an actuary. Mr. Dismore: I am not sure that I could. Between 1901 and 2021, the differential is 7.5 years. In other words, in 2021, men will live 7.5 years longer than they were living 100 years ago. For women, the differential is even greater. In 1901, women lived 11.6 years beyond 65, to 76.6. In 2021, they are expected to live 20.8 years beyond 65, to 85.8. The differential between 1901 and 2021 for women is 9.2 years. As life expectancies continue to improve for each sex, they affect the annuity pot necessary to provide for long-term retirement. Mr. Bryant: The actuarial expectations in the 1930s and 1940s, notwithstanding the second world war, of how long people who were born in 1926 would live, have been far outreached. People who were born in 1926 have lived far longer than was expected. It is therefore especially difficult to make clear and unambiguous forecasts. Mr. Dismore: My hon. Friend makes a good point that goes back to the vagaries of the actuarial market when it comes to how annuities should be calculated. The Bill does nothing to address his point or increase the pot. To increase the pot, and so allow a greater distribution for most people, one has to do one of several different things. One could increase one's contributions during one's working life. We all know how difficult it is to convince young people of the need to invest for their future. I made my pension arrangements when I became a partner in my law firm. I did not do that voluntarily, but because it was a requirement of the partnership. When I was in my late 20s, my partnership share was not sufficient for me to consider it easy to make those contributions, but in those days interest and annuity rates were high, as shown in all the research material made available to us by the Library, although not by the hon. and learned Member for Harborough. Other sources of additional money are tax breaks—I will refer to taxation later—and better investment of the overall pot. The latter suggestion is far better than the 7 Mar 2003 : Column 1082 proposals in the Bill for annuity reform. We will have to consider other forms of annuity. An annuity does not have to be purchased from the firm with which an individual has saved for their pension. We now have the open market option, which allows individuals to compare different annuity providers to maximise their retirement income. It is estimated that 90 per cent. of people would receive a higher annuity income if they exercised their open market option, but only around 30 per cent. of people who purchase annuities do so. Mr. Pound: Like all hon. Members present, I have been educated by my hon. Friend's speech as he approaches his record. He has clearly done an enormous amount of homework—perhaps unlike some people—but has he considered the impact of the state pension credit? Everything that we are discussing will have to be recast because of the introduction of the state pension credit in October 2003. That will be immensely significant, will it not? Mr. Dismore: My hon. Friend makes an important point that drives a coach and horses through parts of the Bill. Much later in my speech, I have a lot to say about pension credit. Mr. Pound: I can hardly wait. Mr. Dismore: I am afraid that my hon. Friend will have to wait a little while yet. I have considered alternatives to the Bill's proposals for annuity reform. I think that the alternatives would achieve far greater benefits for a far greater number of people. They require little, if any, legislative reform. The Government have taken the view that many of the perceived problems with annuities could be addressed by product innovation within the existing legal framework. The Treasury economic and fiscal strategy report 2001 states: "The Government . . . welcomes recent moves by annuity providers to develop more flexible annuity products that will enable those pensioners for whom it is desirable to remain invested in equities. As the annuity market grows, it should aim to meet the demand for greater investment choice and higher returns. The Inland Revenue will continue to work with the industry to ensure that the tax rules don't unnecessarily restrict the development of these products and this market." Those variable or investment-linked annuities go some way to increasing the investment choice of annuitants. Recent growth in the market has been rapid, with investment-linked annuities' share of the overall pension annuity market rising from 5 per cent. in 1998 to nearly 20 per cent. in 2000. More recent innovation has focused on schemes that enable annuitants to purchase an annuity consisting of a series of temporary and deferred annuities. The deferred annuity guarantees income throughout retirement—a key Inland Revenue requirement for annuities purchased from approved pension schemes—while the series of temporary annuities enables annuitants to choose from a range of investment strategies appropriate to their personal circumstances and stage of retirement. The aims of such products, from the annuitant's viewpoint, would be to increase potential lifetime income through greater freedom to choose optimally 7 Mar 2003 : Column 1083 performing assets; to vary that choice during retirement to reflect any change of attitude to risk and reward any change in financial circumstances; to provide insurance against longevity, but with flexibility as to the extent of the cover chosen; to generate stable income but allow flexibility about the level of income generation; and, to allow transparency, which is extremely important in a stakeholder culture. Mr. Love: Will my hon. Friend comment on the risk and reward of the new flexible annuity products, which are based on equities and the stock exchange? There is anxiety that risk may overtake reward, and that the traditional annuity may be a better product. Mr. Dismore: Most people who hold annuities have small ones. I shall deal with that point later. The products that we are considering are vehicles for the better-off. People should not get involved in them without good, independent financial advice. However, the Bill is supposed to help the better-off. My hon. Friend made a telling point about the alternatives that I was describing, but they are genuine alternatives to the proposal of the hon. and learned Member for Harborough. Unlike the Bill, they provide greater flexibility for the people whom he is trying to help without screwing things up for everybody else. Let me give some examples. The flexible annuities that the Prudential and Canada Life offer provide increased freedom for individuals to alter their income in retirement. The Canada Life annuity growth account enables individuals to purchase five-year annuities while the rest of the fund is invested. If an individual survives the five-year period, a survival bonus is added to the account. That is the cross-subsidy from other individuals who die during those five years. At the end of the five years, another temporary annuity can be bought at a different level of income. At age 85, the fund must be used to purchase a life annuity. The Prudential flexible annuity allows individuals to continue to invest in the stock market and vary their income within limits until the age of 90. Had the products been around at the time, they might have been of interest to the father of my hon. Friend the Member for Battersea (Martin Linton), although he appears to have done well out of his investment. The insurer London and Colonial launched a different sort of annuity, which financial advisers have welcomed as an even more revolutionary form of annuity provision. The open annuity offers a range of investment options and manages an annuitant's fund in isolation rather than pooling funds, which the traditional annuity product does. The product has been structured in such a way that any capital that remains on death can form part of the investor's estate. The Inland Revenue's approval of the annuity suggests a new flexibility in dealing with the problems that the hon. and learned Member for Harborough identified but failed to tackle. I have therefore shown that there is much better way of achieving the honourable and learned Gentleman's objective and that his Bill is not necessary. 7 Mar 2003 : Column 1084 My third point, which is the longest and most important, deals with the honourable and learned Gentleman's definition of minimum retirement income. It is the key to the Bill because without it, the measure falls apart. Mr. Pound: It has fallen apart. Mr. Dismore: It has fallen apart in other ways, but I shall put another nail in its coffin. The honourable and learned Gentleman announced the Bill in a press release, which stated: "In order to prevent or discourage pensioners from wasting their funds and becoming dependent on the state, the Bill provides for a minimum retirement income annuity that is designed to give pensioners a guaranteed income for life above the level of state income support. The income from this will come from a retirement income fund." Of course, that prompts the question of whether there is sufficient money to buy the fund in the first place. The honourable and learned Gentleman has lamentably failed to give a figure at which the minimum retirement income threshold should be set. Not only does he fail to do that, but the right hon. Member for Skipton and Ripon also failed to do so throughout proceedings on an identical measure that he promoted. They have not got a clue because they don't understand the way in which the benefits system works for real people. I suspect that the honourable and learned Gentleman rarely comes across real people. I have had to fall back on the Library briefing, which gives a best guess at a figure, should the Bill be enacted. I am happy to give way to the hon. and learned Gentleman if he would like to say what he has in mind. He does not want to intervene, so he obviously has no figure in mind. We therefore have to fall back on the Library briefing's best guess, based on the work of the retirement income working party, to which the honourable and learned Gentleman paid great tribute. The RIWP considered three broad options for setting the minimum retirement income. The first was based on the minimum income guarantee for a single pensioner. It was £75 a week at the time, but as of this month, it will be £98.15. From April, it will be £102.10. That shows the Government's generosity to the least well-off pensioners. However, the RIWP rejected that option because it would not provide certainty that the annuitant would remain off means-tested benefit throughout retirement. After retirement, the components of an individual's retirement income will increase in line with inflation. For this Parliament at least, the Government are committed to increasing the minimum income guarantee in line with earnings. When we are re-elected, the policy will undoubtedly continue. A minimum retirement income set at the level of the minimum income guarantee at the date of an individual's retirement would quickly fall below it during retirement. The second option that the RIWP considered was setting the minimum retirement income at a level that represented the average income from the basic state pension and membership of an occupational scheme. At the time, the figure would have been £220. It was rejected as being too high to secure the required flexibility. Is £220 too much? © 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