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Tilney Bestinvest launches annuity comparison tool

Tilney Bestinvest is launching an annuity comparison tool in partnership with Just Retirement.

The free service will compare quotes from a panel of 10 providers: Aviva, Canada Life, Friends Life, Hodge Lifetime, Just Retirement, LV=, MGM Advantage, Prudential, Scottish Widows and Standard Life.

It is part of a new At Retirement service being launched by Tilney Bestinvest, which aims to deliver information about the Budget pension reforms to customers over the telephone and online.

The comparison tool includes the option to search for an enhanced annuity and asks users for information about their health, including whether they smoke, have high blood pressure or suffer from any serious medical conditions.

It is available for quotes of up to £500,000, and those seeking quotes for “sizeable” annuities will be asked if they would like to speak to an adviser from Tilney Bestinvest’s financial planning team.

In addition, Tilney Bestinvest has announced changes to the charging structure for its execution-only Best SIPP account.

The firm is scrapping its £100 annual charge for income payments, and is reducing its initial calculation fee from £100 to £90. It is also scrapping drawdown valuation fees, previously charged at £3 per line of stock.

The account continues to carry an annual fee of 0.3 per cent for balances up to £250,000, 0.2 per cent for balances between £250,000 and £1m, and no fee for balances above £1m.

Money Marketing columnist Holly Mackay analyses Tilney Bestinvest’s and other platforms’ charge cuts in her latest column

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  1. Although annuities are certainly not dead, the timing of the launch of an annuity comparison tool seems a bit odd, but good luck to them anyway.

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