I SHOPPED AROUND FIRST TO GET SOME IDEA . THEN WENT TO A IFA TO GET HIS INPUT, WHICH AFTER VARIOUS OPTIONS WAS THE SAME COMPANY. SO HE DID THE PAPER WORK ON COMMISION FROM THE COMPANY WHICH WAS BETTER FINAL PAYOUT & NO HASLE FOR ME. IT WAS A DIFFERENT INSURANCE COMPANY TO THE ONE I SAVED WITH. I TRIED GETTING A QUOTE FROM MY PROVIDER STANDARD LIFE FOR 2 MONTHS INCLUEDING PERSONAL INTERVIEWS BUT TALKING TO MORE THAN A COUPLE OF MORONS IS NOT MY CUP OF TEA.
I new it was important to get expert advice to get the best for my 20 years of saving with Peril who gave rubish returns for my savings. i was prepared to pay £500 for advice. However, i was pleasently surprised to only pay £39 at the end of my business dealings. I ended up with the best returns i could get after seeking expert advice,
Any info please on annuities
I shopped around for what I was lead to believe was the best pension provider. Like many thousand others i was lied too by Equitable Life. I lost half my life savings, not only that but the represerntative put all my money into a "anticipated pension" contract, (unknown to me), and I have since lost even more money. An anticipated pension was the very last thing I wanted because I was 61, in employement and had no need of an immediate pension. When Equitable crashed because of paying unsustainable dividends I rang the FSA and said " I am sure we should be ok because the MP's etc are in Equitable". I was told "don't you believe it, they got out- 'collectively' ". If this was not the equivalent of insider trading I do not know what was. I have written to dozens of people since that time but no one will even confirm receipt of my letter.
The accountants, Ernst and Young, to whom we were paying a fortune to look after our interest were , of course, found to be blameless as were the FSA and the Government (Surprise, surprise!). We are now offered a third of what we were cheated out of and with no interest to cover the stolen money and we are suposed to feel delerious with happiness. No chance of course of enjoying our retirement as we had intended and many policyholders have by now died. If anyone, after this, EVER trusts the British Government again then they must be stark raving mad
I made some enquiries of my own about 3 months before I wanted to buy an annuity and so I had a rough idea of what I might get. Because I have read all the scare stories about using an IFA because it could cost thousands over your retirement if you make the wrong choice I decided to use one. After a week or so he came back after " trawling the entire industry" (his words not mine) with a quote. The figure he gave me was about 20% lower than I had been quoted 3 months before, I knew that the rates had gone down in that time but 20% was a lot more than I was expecting. I then spent about 45 minutes on the phone getting 4 quotes myself and yes you have guessed it the quotes were only marginally lower than I was quoted 3 months earlier. The best quote was Aviva who happened to be my fund holder so I did not have to move my money and the operation was very easy.
My advice is if you feel you need to use an IFA make sure you have a good idea of what you should get. It's easy to check, only a few minutes on the phone. As for IFAs Paaaahh!
Hi Gwen. Please could you send me the name of the company that gave you this exellent low cost advice. I am in the process of trying to get the best returns from my pension plan?
Am still trying to get the best deal... my provider gave rubbish rates. Tried internet and then spoke direct to some advisers. Hate the idea of paying large commissions so am trying to negotiate rebates. My IFA is not working for my best interests I don't feel...wants to charge me a fee and collect commission.
I asked my insurance company(Scottish Equitable) but got totally frustrated talking to uninterested morons so I went to my union and was pleasantly surprised at the good deal and low charges they got for me.
The lesson learnt: Avoid Scottish Equitable.
My company pension scheme was with Scottish Equitable. Similar to the guest above I got fed up dealing with uninterested morons. My union got me a much better deal at a surprisingly low cost.
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