Annuity quote timing; when to look around
Here’s an interesting example of annuity quote timing. Mr. H, aged 63 and with five private pension plans, two of which offer guaranteed annuities. When should he contact various annuity providers to get annuity quotes?
Policies offering guaranteed annuities usually pay a predetermined pension and if this fits your circumstances it is likely to be advantageous. Such annuities tend to pay a premium income - above anything available from a conventional annuity.
With all pension plans the providers should write offering their terms at least three months before your planned retirement age. Annuity quotes are often valid for only 14 days so they will be for information only if requested too early.
Mr.H might get a better annuity by putting the three pensions without guaranteed rates into one pot as some providers offer better annuities for bigger fund values.
