A bit about the FSA, annuities, UK annuity rates, smoker and enhanced annuity rates. You might think that the Financial Services Authority (FSA) offers you a truly comprehensive picture in respect of the various types of pension annuity rates available in the market place, but don’t be fooled. The FSA pension annuity rate tables are good, but they don’t give you enough information, and there are a couple of sound reasons for this. First, not all insurers, the annuity providers, provide their annuity rates, so you can’t really make a fair comparison. Secondly, when it comes to impaired and enhanced annuity rates for people with ill health, there isn’t really anything there. Why? Because these annuity quotes are less precise. So if you are looking at the FSA’s website, you have no way of knowing the higher levels of retirement income available if you do have ill health. With regards to smokers, again not all rates are shown.

With the service from rightannuity.co.uk, we aim to help you get a better pension income by giving you examples of the levels of income that might be available to you, with some of the better smoker annuity rates, enhanced annuity rates, and standard conventional annuity rates. With enhanced annuities we provide you with eight examples of medical conditions, with example annuity quotes, which we then compare to leading conventional annuity quotes to illustrate the different levels of income available. I’m not saying that what we do is in any way better that the FSA’ website offering, just different, and what we do is arguably that bit more comprehensive.

Pension annuity rate tables; new layout for enhanced annuity and smoker annuity rates soon to be launched on this pension annuity website. The leading standard annuity quotes we will be using are likely to be higher than the annuity quote you have from your current pension plan provider. If so, the percentage difference illustrated when compared to your quote will be that much greater. You also need to bear in mind that any increase in retirement income that you might be entitled to is payable each and every month of each year and for life. If the increased payment is, say, £30 per month, it could actually be payable for 20 years or more, and that’s a total of £7,200 extra for those 20 years.

The enhanced smoker annuity rates we are using have been supplied by MGM Advantage, a leading enhanced annuity provider, and the leading standard annuity quotes have been supplied to us by AEGON Scottish Equitable. These quotes are representative of some of the best pension annuity rates available. The figures shown are on a level payment basis, which means that the pension annuity is fixed for life, payable monthly in arrears. Rates do change and you should always ensure you get updated quotes. Keep an eye out for these changes.

Well, do they? Do pension annuity rate tables show the best pension annuity rates for retirement? You see, I don’t think that they do, and I know this might actually seem a bit odd. However, it is actually a very valid  question, especially if you are not too sure about precisely what you are researching and the various types of annuities and annuity options available to you. I mean, you might think you are seeing the best rates, for example, on the FSA’s comparative tables, but are you? Because you don’t really know if they are showing you everything that is available, and, take it from me, they’re not.

The whole issue of finding what you want in annuity rate tables gets even more important if you suffer from ill health, or perhaps take prescription medication regularly, or even if you are perhaps a smoker. If you fit into these categories then annuity rate tables are of no real use because such rates, enhanced or impaired life annuity rates, are not included. They are far too complex because of the various conditions that might need to be considered. You probably need to speak with a specialist annuity adviser to get the right outcome in these circumstances, but it could be worth a great deal in your retirement income.

A great deal of work has been done by the pension and annuity industry over the years trying to understand more about our ageing population and what their views are on retirement. Indeed, Standard Life have published research under the heading ‘The Death of Retirement’, with interesting findings. For starters, when this age group were asked about their aspirations in respect of their long term future, 46-65 year olds are far more ambitious than their parents’ generation ever were with travelling more being key for many.

Many wanted to learn about a new skill; 30% of a representative sample of 46-65 year olds said they hoped to learn a new skill such as a new hobby or perhaps a new language. Some were actually saying that they thought they might start a new business; 6% of a representative sample of 46-65 year olds said they wanted to embark on a new business venture. This wish increases only slightly amongst the wealthier group.

Some said they wanted to work, but on their own terms; 30% of a representative sample of 46-65 year olds said they wanted to continue to be involved in work but only if they could do it their way. Does this mean they would delay buying their pension annuity?

I just wonder if these aspirations, and there are more in the comprehensive report, are affordable to the typical UK retiree. I have my doubts. I doubt that getting the best annuity rates, when looking at annuity quotes, and relating these to typical pension fund values, would be nearly enough.

The pensions industry is beginning to suggest that the Financial Services Authority (FSA) should emphasise the need for advice in respect of retirement options, stating that it is wrong to assume that a pension annuity is always the right choice for retirees.

Some state that the FSA’s website shows misleading annuity tables. Looking at the Moneymadeclear website the FSA offers as guidance to retirees it does appear to be pretty good and user-friendly but it is not what it really should be, namely whole of market. It actually suggests that its annuity tables are comprehensive, but then adds the point that a few companies have chosen not to provide them  with data, and these companies are detailed on the tables. Thing is, how can the tables be comprehensive if they actually omit data from companies that have chosen not to provide it.

What the website should emphasise more is that there are many retirement options available to choose from, even within the annuity domain, and that only a whole of market independent financial adviser (IFA), will have the knowledge of and access to all the different retirement products. Given the different factors involved in structuring an annuity package, the website could set out some examples of why a retiree might prefer to seek specialist advice in preference to trying to choose for themselves the right annuity package.

Much greater emphasis should be provided about the improvements that can be achieved in the way  of underwritten annuities, as these are probably the most important development with annuity rates in recent years, and for that, you need proper advice. There are so many things to consider these days: where you live, married or not, occupation, whether you smoke, any medical conditions or medication, and so on.

For most people, a straightforward form of annuity has the real advantages of relative simplicity and high security. But there is an argument that only a good adviser can put together the right bespoke package for each client. It is not simply about getting annuity quotes to find the best annuity rates.

Why is the FSA seemingly against acknowledging that fact and drawing it to the attention of retirees  who need good sound financial advice? All we see instead is a statement released from an unnamed FSA spokesman stating that their website and the annuity tables in it provides everything anyone could need to find for themselves the right annuity package.