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DIY annuities

Please note: We would suggest you're really best off talking to an IFA who specialises in annuities.

However here are some of the basics if you do decide to arrange it yourself.



The price for annuities changes daily and there is a wide variety of deals being offered at any one time.

If you do it yourself, what you're basically looking for is a pension provider who will give you the best price for the particular annuitiy you need.

Comparison tables are published regularly in the national press but for the full spectrum see Money Management Magazine, and Life & Pensions Moneyfacts. (To see the Latest Annuity Best Buy tables now Click here).

Be careful of having your head turned by a false loss leader. Bear in mind that the rates these tables give are specific to, say, a 65 year old male with £100,000.

Just because company X gives the best deal for that person does not mean they give the best deal for the 66 year old with a pension fund of £101,000.

In fact company X may well just be creating a loss leader to attract business. So be careful.

The figures given in the Best Buy Tables usually relate to how much annual income you can buy for each 10,000 in your pension fund.

(To see the Latest Annuity Best Buy tables now Click here).



Example of a comparison table



The following is an example of an annuity price table taken at random, over a year ago. It serves only to give you an idea of how they're laid out. The prices will vary from day to day.

The figures in each table show how much annual income you can buy for each 10,000 in your pension fund ie if you have 100,000 in your pension fund multiply the following by 10.

Male age 60 Level without guarantee
( See 1)
pa
(For each 10,000)
Escalating 5%
( See 2)
pa
(For each 10,000)
Legal & Gen 801.24 476.28
Standard Life 784.8 476.4
Friends Provident 781.08 467.16
Canada Life 757.32 443.88
Scottish widows 757.08 446.88

Example only: To see the Latest Annuity Best Buy tables Click here


Female Age 60 Level without guarantee
(See 1)
pa
(For each 10,000)
Escalating 5%
(See 2)
pa
(For each 10,000)
Canada Life 711.00 400.92
Norwich Union 709.92 387.24
Prudential 708.72 393.84
Friends Provident 706.2 394.8
Legal & Gen 705.36 390.84

Example only: To see the Latest Annuity Best Buy tables Click here

 

Joint Life
Last survivor
(See 3)
Male 65/ Female 65
Level without guarantee
(See 1)
pa
(For each 10,000)
Escalating 5%
(See 2)
pa
(For each 10,000)
Norwich Union 723.48 415.68
Canada Life 705.6 410.88
GE Life 705 390
Legal & Gen 704.76 403.56
Prudential 702.84 406.8

If you want to get a specific idea of how big an annuity you could get with your pension fund, we can connect you to an IFA who specialises in annuities. They will give you a quick customised quote.

This is a free service and you're under no obligation to proceed in any way. Click here.

    Read the full UK Annuity Guide


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    Level without guarantee: This means the income from your annuity remains the same for the rest of your life ie it will be prone to inflation.



    Escalating 5% pa compound without guarantee: The income from your annuity increases by 5% each year (ie to counter inflation) but stops immediately you die.



    Joint Life last survivor: When the "first life" dies (ie one partner of a couple getting the annuity pops their clogs) the annuity passes to the survivor - the second life - and continues until they die.

Annuities UK Guide

Basic Facts About UK Annuities

Choosing Your UK annuity

DIY UK annuities

Types of UK annuities

Check the Latest UK Annuity Best Buy tables

Getting annuity quotes via here

 


All material UK Pensions Guide and Information © Moneysorter Ltd 1999 - 2013 | Author: By Ed Parry