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Comparing ‘apples with oranges’ – a costly mistake when reviewing your annuity quotes

Comparing ‘apples with oranges’ – a costly mistake when reviewing your annuity quotes

When you hit retirement age there is so much to do and decide, not least of all, how you will receive your retirement income and who from.

Just because you have saved up your pension savings over your career with one or more providers, it does not mean you have to receive your retirement income from the same providers. In fact, consolidating your funds in to one larger amount and shopping around for a better rate than what you have been offered, could see you securing a much bigger income for life.

Choosing your pension provider and the type of annuity you want is a huge decision that will affect how much income you receive for the rest of your life. It is also one that is usually irreversible once you have committed.

Comparing your annuity quotes to get the right deal for you is therefore essential. But did you know there is one common mistake being made by savers when comparing their annuity quotations?

A costly mistake

When you go to non-specialist firms to find out how much income you could receive, you are likely to be given a basic quote based on a single-life annuity, without any guarantees or enhancements. This might be done in order to provide you with the highest rate possible for your initial quote. Its income sounds great – sure – but the product may not offer you everything you want or need.

When you come to a specialist broker like Retirement Line, however, we take the time to gather information about you and your priorities for your retirement. So, when we produce your quote, it is tailored to your needs and will take into account the choices you have indicated to your dedicated retirement income consultant.

If you are married or have a partner, for instance, we will provide a quote for a more specialised joint-life annuity, which will ensure an income continues to be paid to your dependent for the rest of their lifetime after you pass away.

Or, you might be interested in a quote that provides an income following your death for the remainder of a set period that you select at the outset – so if you selected 20 years and died after one, payments would continue to be paid to your dependent for the remaining 19 years.

Selecting these death benefit guarantees will naturally reduce the income you will be offered, but can provide peace of mind for you and your dependents.

If you were to compare the quotes, the more basic quotation from your provider may well offer a bigger income, but they most likely will not be a ‘like-for-like’ quotation; in fact, being so completely different, you would be comparing apples with oranges.

Retirement Line’s specialist consultants are experts in the field of retirement income. They will take the time to search the UK’s leading annuity providers on your behalf, and know all the right questions to ask in order to help you find a better rate for your pension pot. That is why a huge 86% of Retirement Line’s enquirers qualify for enhanced terms – resulting in a bigger income for life!

Best Quote Guarantee!

Already received a quote for your pension annuity elsewhere? Provide us with a copy of the quotation and we will beat it by finding you a better deal for your money.

Weare so confident that you won’t get a better quote elsewhere that if you do, we will give you £100 in M&S vouchers!

Our Best Quote Guarantee applies to any “like for like” quote from another broker, IFA or provider direct, available at the time of your quotation from Retirement Line. T&Cs apply (overleaf).

Ready to get things started? Call our specialist team today on 0800 652 1316.

Retirement Line work on a non-advised basis. If you are at all unsure of which options suit you, you should seek regulated advice.

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