15/04/2012 22:12:29
Topic:
Annuities and RDR
Billy Burrows
Administrator
Posts: 18
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Noel, you semed to have missunderstood the basis principle of RDR - – consumers are to be offered a transparent and fair charging system for the advice they receive
It is not the product that is affected but the advice.
This means that if annuity is sold without advice it is not covered by RDR but if advice is given it will be covered by RDR
edited by Billy Burrows on 15/04/2012
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15/04/2012 22:04:31
Topic:
Annuities and RDR
Noel Cooper
Posts: 1
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I read somewhere that annuities are not covered by RDR because there is no investment element - is that correct?
Thanks
Noel
edited by Noel Cooper on 15/04/2012
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22/03/2012 13:49:41
Topic:
Trivial / small pension fund
Billy Burrows
Administrator
Posts: 18
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Yes you can take pensions as cash providing they are below £ 18,000
see our webpage on Trivial Pensions - http://www.williamburrows.com/annuity/trivial.aspx
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22/03/2012 13:47:04
Topic:
Trivial / small pension fund
Sheila Bond
Posts: 1
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I have a small pension of £ 15,000. Can I take it as cash or must I buy a small annuity?
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16/03/2012 15:25:38
Topic:
On what dateisthe new GAD rate set
Billy Burrows
Administrator
Posts: 18
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use the yield for the15th of the month - see below
Obtain the yield (strictly a gross redemption yield) on UK gilts (15 years) from the FTSE UK Gilts Indices, as published daily in the Financial Times newspaper, for the 15th day of the calendar month before the calendar month in which the point of calculation falls. Where the pensioner is under 23, the 5 years yield should be used. These yields are published in the Financial Times on the following day. If the 15th day of the preceding calendar month is not a working day,
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27/02/2012 22:17:42
Topic:
Is Better Retirement Group regulated by the FSA?
Billy Burrows
Administrator
Posts: 18
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Yes, Better Retirement Group is regulated by the Financial Services Authority.
FSA Firm registration number: 153420
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27/02/2012 21:29:22
Topic:
What is the "Open Market Option"?
Billy Burrows
Administrator
Posts: 18
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The annuity market is very competitive and the rates differ between companies. You can substantially increase your pension income by purchasing your annuity from the company which pays the most income. This is called "Exercising the Open Market Option".
It costs nothing to take advantage of this option and new rules introduced recently by the FSA means that insurance company must tell you about this option. Check out the best annuity rates using our online annuity calculator.
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27/02/2012 21:28:30
Topic:
What tax do I pay on my annuity?
Billy Burrows
Administrator
Posts: 18
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Annuities are normally quoted gross but paid net of tax. The amount of tax is calculated using your tax code.
If you are liable for higher rate tax this will taxed accordingly
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27/02/2012 21:27:39
Topic:
How safe is an annuity?
Billy Burrows
Administrator
Posts: 18
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The payments from standard annuities are guaranteed as long as the company is solvent. If an insurance company was to be declared insolvent and unable to pay your annuity, you would be covered by the The Financial Services Compensation Scheme (FSCS).
The amount of compensation is 100% of the first £2,000 plus 90% of the remainder of the claim. Policyholder protection is triggered if an authorised insurer is unable, or likely to be unable, to meet claims against it, for example if it has been placed in provisional liquidation.
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27/02/2012 21:25:57
Topic:
Who are Better Retirement Group
Billy Burrows
Administrator
Posts: 18
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Billy Burrows and Tim Eadon established launched this specialist annuity and drawdown advisory firm in 2009.
Billy has traded as William Burrows Annuities since leaving Prudential in 2001 where he was marketing director for annuities. He regularly features in the national media commenting, writing or speaking about annuities.
Tim is a Chartered Financial Planner and started in financial services in 1995 having spent many years working in the leisure industry. He has held many senior posts including CEO of the Personal Finance Society in 2006, the foremost professional body for financial advisers in the UK
edited by Billy Burrows on 27/02/2012
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25/02/2012 10:25:32
Topic:
How we can help you with annuity purchase
Billy Burrows
Administrator
Posts: 18
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There are three ways in which get an annuity quotes
1 - Use our online annuity calculator
2 - Complete our online annuity form
3 - Call us 0207 636 7278
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20/02/2012 01:06:49
Topic:
Charging for annuity advice
Billy Burrows
Administrator
Posts: 18
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Many annuity providers have yet to finalise the exact way in which they will show fees on their quotes but it is expected the following will happen when the fee is to be taken from the pension fund and paid by the provider:
üThe adviser will agree the fee in advance with the client
üThe adviser will tell the annuity provider what fee to show on the quote
üThe insurance company will calculate the annuity income paid to the client taking into consideration the amount of the fee
üThe annuity quotation will show the annuity income and fee payable to the adviser
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31/01/2012 00:23:37
Topic:
Charging for annuity advice
Charles Bailey
Posts: 3
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How will I know what to charge for advice when the new RDR rules come into force
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29/01/2012 18:19:38
Topic:
Your article in the Telegraph - 29/01/2012
Billy Burrows
Administrator
Posts: 18
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I meant that those with above average funds should think twice before committing all of thier pension pot to buy a guaranteed annuity. This is because there are a number of options such as Fixed Term and Investment linked annuities which might be helpful as part of a portfolio of annuity options.
I don't think that annuities are poor value becuase they do what they are desinged to do - pay a guaranteed annuity for life.
I am saying that with such so low annuity rates, it might be possible to get a higher income in the longer term by looking at the alternatives but this does mean that investors are taking more risk
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29/01/2012 17:53:46
Topic:
Your article in the Telegraph - 29/01/2012
Charles Bailey
Posts: 3
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What do you actually mean when you say that we are a "Tipping Point" for annuities.
Do you mean that annuities are bad value and nobody should buy them?
Thanks
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16/01/2012 01:29:53
Topic:
Fixed Term Annuities
Billy Burrows
Administrator
Posts: 18
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Before investing in a Fixed Term annuity you should consider:
- How much income flexibilty do you need
- How much risk can you tolerate? - The income you can get at the end of the term may be lower than expected
- How much is the guaranteed maturity value at the end of the period
- Your health - do you think you will qualify for an enhanced annuity in the future?
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15/01/2012 22:08:28
Topic:
Fixed Term Annuities
George Bentley
Posts: 1
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I am thinking of taking out a Fixed Term annuity - What factors should I take into account before doing so
thanks
edited by George Bentley on 16/01/2012
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11/01/2012 14:33:09
Topic:
Setting up a SIPP
Billy Burrows
Administrator
Posts: 18
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In the modern world of low cost SIPPs it shouldn't cost a fortune to set up a new SIPP. Normally there are 3 sets of charges:
- Setting up SIPP and annual charge- normally around £ 150 + VAT for set up and about £ 100 + VAT per annum
- Investment charges - normally about 1% per annum
- Adviser charge - normally about 3/4 hours
Obviously costs differ from company to company and between advisers but this is a realsitic indication.
Beware of SIPPs that appear to have no set up costs because the fees may be loaded on annual mangement charges.
edited by Billy Burrows on 11/01/2012
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11/01/2012 14:25:59
Topic:
Setting up a SIPP
Charles Bailey
Posts: 3
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Question: setting up a SIPP via IFA and am surprised at the high initial costs. What is the norm for a managed service consolidation/set-up?
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08/01/2012 10:38:53
Topic:
How we can help you with annuity purchase
Billy Burrows - Better Retirement
Posts: 1
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William Burrows Annuities and Better Retirement can help you arrange the best annuity for your circumstances in one of the following ways:
- Get the best annuity quotes
- Apply for enhanced annuities
- Provide quoations for alternative annuities e.g. Fixed Term and Investment Linked
- Advice you on the best annuity options
- Provide advice and information on capped and flexible drawdwon
Contact us for a quote or to be added to our newsletter list
edited by william burrows on 08/01/2012
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