Mystery Shopper - Seeking advice on Annuities
This week the mystery shopper visits Peterborough. The shopper is seeking advice on annuities on behalf of an uncle who is aged 64 and in good health. The uncle has a pension pot worth between £65,000 and £70,000.
Top Marks on Annuities Advice
Henson Crisp's Rachelle Jordan has gone through the mystery shopper exercise by the FT and come out as the top adviser in Peterborough!
Henson Crisp, Eco Innovation Centre, Peterscourt, City Road, Peterborough, PE1 1SA
Speed of response:
Time of call: 2.53pm. Call answered after two rings. 5/5
Professional yet easy to talk to. 5/5
Level four diploma. 5/5
No charge for the initial meeting. Later fees would depend on individual circumstances. 5/5
The adviser asked a few questions to assess the shopper's uncle's circumstances, including the value of his pension pot, and whether he was planning to use the 25 per cent tax-free lump sum withdrawal.
Annuities provide income for life, the adviser said, adding that the value of the income is dependent on age, marital status and health.
She said that there were quite a few annuities available, including impaired annuities, which offer a high rate of income compared with the traditional product. 4/5
The adviser clearly knew her stuff. She said that she would require a face-to-face meeting with the uncle to give tailored advice. 5/5
The adviser offered detailed and helpful information on the topic. At no point during the conversation did the shopper feel he was being coerced into doing business.
Total Score : an impressive 34/35
An annuity is a financial product that enables you to convert your pension savings into a monthly or yearly retirement income for you to live on.
The amount you will get depends on things like how old you are: the younger you are when you retire, the less you get each year, whether you want your annuity to pay an income to your spouse or partner when you die.
It's worth thinking about talking to a financial adviser about the best type of annuity and which company will pay you the highest income.