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:

Select Committee on European Union Minutes of Evidence

Memorandum by the Actuarial Profession / Annuities

INTRODUCTION 1. The Faculty and Institute of Actuaries are the two professional bodies for actuaries in the UK; the bodies are referred to collectively as "The Actuarial Profession". The Profession has an obligation to serve the public interest. It seeks to do so by informed contribution to debate on matters of public interest. Our objective in submitting evidence is to offer technical expertise on the implications of different policy choices facing Westminster and European legislators. (Further information about the Profession is at the Appendix). 2. Our evidence extends to insurance only; we don't offer information on the wider general aspects of goods / services covered by the proposed Directive. We consider some of the general features of the insurance market and highlight annuities. We also comment on the occupational pension scheme dimension. UK INSURANCE AND ANNUITY MARKETS 3. The Profession is interested in the proposed Directive because it affects consumer goods and services where actuaries undertake the statistical and financial analysis to set prices, terms and conditions, and provisions (the financial sums which insurers or funded schemes retain to cover their commitments to consumers). 4. The UK insurance and annuity markets to which the Directive is relevant are essentially deregulated commercial markets. The FSA (an extended agency of Government) enforces supervision of the solvency of what are, for the most part, ordinary stock companies. However, there is no interference by regulation in the commercial process—consumers present themselves voluntarily if they want to buy a product (and choose its size). Insurers behaving as profit maximisers compete for consumers and won't prosper if they either (a) sell at a loss, or (b) over-price and are rejected by consumers. WHAT IS "FAIR"? 5. The deregulated model of insurance is viewed by some as "fair" in the sense that if a consumer is paying the price equivalent to his / her risk then that is fair by the free market model. However, the deregulated model can and does charge different prices to men and women and this, in terms of justice however defined, may be regarded as unfair. Therefore, the motives of the Directive are easy to understand. Indeed, it is worth remembering that the UK market is not wholly deregulated—the "classic" model is presently modified by race and disability discrimination laws and by the voluntary moratorium on genetic discrimination. THERE IS A EUROPEAN DIMENSION ALREADY 6. The deregulated market model is facilitated by the EU Insurance Directives which essentially restrict EU Member State Governments to supervision of solvency. However, the Insurance Directives include a derogation by which individual Member States may, provided conditions are satisfied, take further measures. In particular, the Netherlands, German and Irish Governments avail themselves of this in their health insurance sectors, where there are social aims by virtue of the integration of public and private systems. In Germany there is substantial regulation of how prices are set by insurers. In Ireland, the regulation of tariff effectively proscribes age, as well as gender discrimination. However, the UK has not availed itself of the derogation clauses under the Insurance Directives. 7. If the proposed Directive is not applied to insurance and annuities it would remain open to Member State Governments to regulate or prohibit gender or other types of discrimination at a local level. This option seems viable in allowing public policy to be tailored to local conditions, local markets and local social mores. However, a demerit is the weak defence of the concept of "fairness" between men and women. Another demerit is that Member States separately legislating on gender discrimination in insurance would place obstacles in the way of creating the single market—an objective central to the European "project". VOLUNTARY NATURE OF RETAIL CONSUMER INSURANCE MARKETS 8. Specific insurance products are considered later in this submission. At this point, we point to the important common voluntary characteristic of these products. We shall use an annuity as our example, and for this purpose we shall assume a straightforward annuity where a retired person, with a capital sum available, can choose whether or not to buy an annuity. The person may opt to buy because, without an annuity, he/she fears outliving his/her resources. 9. The dynamic could be different, however, if gender discrimination were banned. Women would get a better deal from insurers (insurers would be required by the proposed Directive to give the same annuity to men and women although women live longer). Men, on the other hand, might take the view they would get better value by not buying any annuity at all (the market postulated being a voluntary one). 10. In this, admittedly theoretical example, if very few men purchased annuities, then insurers providing for high proportions of women would be forced to offer annuities priced very near to the costly female rate. Perversely, the Directive would not give men and women equal annuities that were half-way between the male and female rates. Instead, women would be in an improved position but men might be deciding more frequently not to buy annuities. (A comparison of annuity rates is in the Appendix.) SAVING FOR RETIREMENT IN THE UK 11. We qualified the previous annuity example as theoretical. In practice, a majority of annuity purchases in the UK market are in situations where tax and legislation dictate that the consumer, having saved in earlier years, must purchase an annuity. In this circumstance, stable proportions of "involuntary" male and female customers might continue to present themselves to insurers, and equal annuities for men and women could be a practical proposition. However, there might develop "offshore" annuity markets for men which might, in turn, need to be proscribed and policed. 12. Also, there is a possible upstream implication to consider. Rationally, a man would possibly maximise his prospective wealth by arranging his pre-retirement savings to avoid being forced to accept a lower annuity (lower because it inherently cross-subsidised female annuitants). 13. In the UK, "money purchase" pension arrangements are increasingly prevalent. These accumulate an invested "pot" which is then converted into a pension at retirement age by purchasing an annuity from an insurer. Gender non-discrimination under UK employment law and practice already means that contributions to the "pot" are the same for men and women. It is a question of philosophy of what is "fair" in these money purchase arrangements. Is it fair that men will tend to get bigger pensions than women because men live shorter lives? On the other hand, would it be fair, if gender discrimination were banned, that men get less value from their savings? Consider a man and a woman both retiring with £100,000 "pots". The man might receive an annual amount of £7,000 that he could expect to receive for about 14 years. While the woman might receive £6,000 but live on average for about 17 years. However, what is "fair" in these circumstances is a matter of public policy. IMPLICATIONS FOR OCCUPATIONAL PENSIONS 14. How such matters should be organised is a question for public policy makers to answer—not insurers or actuaries. We point to the difficulty that at present "money purchase" arrangements have equal contributions and unequal benefits—while defined benefit arrangements have equal member contributions and benefits. 15. Pension systems in the EU remain in practice mostly unharmonised between Member States. Indeed, the proposed Directive does not seem to include pensions systems within its scope except to the extent that annuities are a component of some systems in some Member States. We are not sure that the interplay between annuities and pensions savings, in different Member States, have been fully explored in the consultation in Brussels so far. LIFE INSURANCE 16. The situation is reversed compared with annuities: men at present pay more than women for life insurance because their probability of dying is higher. We have given some example numbers for term assurance in the Appendix. A term assurance market with equal rates between men and women seems plausible. But we are unconvinced that the minor public policy impact of small alterations in term assurance rates, for example, warrants the complexity that would result from insurance being included within the scope of the proposed Directive. Again, as with annuities, we predict that "offshore" aspects could arise. MOTOR INSURANCE 17. Motor insurance is priced based on many factors (personal, lifestyle, geographic, occupational) which contribute to the overall risk the insurer has of paying claims. Gender is commonly included among these many factors. However, the pricing process is very dynamic and "real time"—at any one time it would be difficult for an outsider to comprehend how motor premiums are being calculated. 18. A motor insurance market with equal premiums for men and women seems plausible—at least in the sense of a proscription of the gender factor being used explicitly. However, it would be difficult to police "equality" in that lifestyle and occupational factors will typically show different profiles for men and women. We believe that gender discrimination has been proscribed in Massachusetts and we are researching the impact of this US initiative. (We have not researched case studies extensively, but such research seems warranted in connection with the proposed Directive and may not have been undertaken). CONCLUSION 19. Our assessment is that gender discrimination could be regulated in certain sectors of insurance and this market could adjust and cope. However, in other sectors of insurance, we believe matters might not run smoothly and the Directive indeed might not have its desired effect. 20. We have highlighted annuities and possible implications for saving for retirement. 21. In its consideration of the Directive we suggest that the UK should consider: (a) whether its objective, in respect of insurance and annuities, is beneficial to public policy; (b) whether the objective will be achieved; and (c) whether objectives, thought beneficial in this field, are best achieved through national or EU level initiatives. 29 April 2004 © 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