Who is Burrows & Cummins?
Billy Burrows and David Cummins launched this specialist annuity and drawdown advisory firm in July 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.
David is a Chartered Financial Planner with over 20 years experience of advising clients in all areas of investment, pension, estate planning and corporate advice. Previously he was a director and senior consultant at MPL Wealth Management and before that held a senior position with a national advisory firm. David is respected as a trusted and professional financial adviser.
What is an annuity?
An Annuity is an investment that guarantees to pay a secure income for the rest of your life, no matter how long you live.
When you purchase an annuity you exchange a capital lump sum for the peace of mind and security of a guaranteed income for life. Annuities can be purchased from pensions funds or private capital.
Why do I have to buy an annuity?
Your contributions to pension plans get tax relief and in return your pension pot must provide an pension income when you retire. An annuity is the policy that actually pays your pension income.
What is the "Open Market Option"?
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.
How do I get the best annuity quotation?
Simply contact us and will provide you with a range of quotations from the leading providers.
How are annuities priced?
When pricing annuities insurance companies take the following factors into account: the expected life expectancy of the annuitant, the yields on fixed interest investments,
expenses and profit margins. Annuities are very sensitive to changes in investment yields so when yields change, annuities will change as well.
If I am in poor health can I get a higher annuity?
Those with poor health or have below average life expectancy can apply for an enhanced or impaired life annuity.
What is the cost of arranging an annuity?
There is be no charge or commitment when you first contact us. We work on either
a commission or fee basis depending on your circumstances. We will provide you
with our terms of business and provide an estimate of the commission or our
fees before we start any changeable work.
What tax do I pay on my annuity?
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.
How safe is an annuity?
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.
Is Burrows & Cummins regulated by the FSA?
Yes, Burrows & Cummins and William Burrows Annuities are trading names of Directly Financial Limited which is authorised and regulated by the Financial Services Authority. FSA Firm registration number: 153420