Hargreaves Lansdown Annuity Supermarket

This is a quotation and execution service for annuities bought with the proceeds of money purchase pension schemes; Retirement Annuities, Personal Pensions (including Stakeholders) and Additional Voluntary Contribution schemes. Strangely, money purchase occupational pension schemes (also known as Executive Pension Plans) are absent from the list.



The Hargreaves Lansdown service will help annuitants who are standard risks and who don't require advice. If you are suffering from ill health or have a hazardous lifestyle, you are best advised to consult an Independent Financial Adviser who may be able to arrange an "impaired life" annuity with a higher rate based on your reduced life expectancy.



The Search



At the centre of the site is a search engine. You enter:-


Personal Details including your exact date of birth and that of your partner, where applicable. You are asked to state whether you are a smoker and whether you are in good health. If not, you can download and print off a 6-page Enhanced Income questionnaire to be returned to Hargreaves Lansdown


Value of Fund and Tax-Free Lump Sum You can get these figures off your pension provider's illustration. Even though Hargreaves Lansdown doesn't quote for Executive Pension Plans, you can still input the projected pension fund less the maximum tax-free lump sum to get a market quote


Results Format You can select either range of quotations for a range of "standard options" or select the options yourself. These turn out to be annuity escalation (at 3% pa., 5% p.a. or RPI) and a 5-year guaranteed payment period even if the annuitants die in the interim.


Results



You generate a table of nine providers listed in descending order of quoted pension income.


You can request a formal quotation by post, except for Prudential and Standard Life where all the forms - quotation, key features, "important information" (letter of authority, non-advisory declaration and terms and conditions of service) and the application - can be downloaded online.


Where you have indicated that you are a smoker, the list will include companies offering higher annuity rates.

And that's all there is to it!