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Comparison site launches non-advised annuities quote tool

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Comparison website Payingtoomuch.com has launched an annuity quote calculator for consumers covering enhanced and standard annuities.

Consumers can obtain quotes on pension pots of at least £1,000 from a panel of 10 providers. The providers are MGM, Just Retirement, Canada Life, LV=, Partnership, Aviva, Legal & General, Reliance Mutual, Standard Life and Prudential.

The website asks questions about consumers’ planned retirement date, whether they want a single or joint annuity, and lifestyle questions around smoking and alcohol consumption. Consumers will also be asked to provide details of any major medical conditions.

Multiple personalised quotes are then generated showing the best annuity rates based on a level paying annuity, an annuity linked to the retail prices index, and guaranteed periods.

Payingtoomuch.com offers a non-advised service, with commission capped at 2.25 per cent for enhanced annuities and 1.35 per cent for standard annuities. The maximum charge will be £1,600.

The website was founded in 2011 by Michael Ward, who built and founded Direct Life and Pension Services in 1990. The comparison site launched a “Find an Adviser” service yesterday.

Payingtoomuch.com head of annuities Ali Richards says: “If an individual wishes to proceed, we will allocate a personal representative to handle the administration and to ensure everything runs smoothly. This will include assistance in completing the application paperwork and ensuring the medical disclosures are as accurate and complete as possible.

“Too many people lose out financially by significant amounts when they retire, simply because they accept the annuity offered by their current insurance company. They do not bother to check if they can get a better deal elsewhere, which they usually can.” 

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