As you approach retirement and where you have decided to opt for an annuity over the alternative option known as an ARF, you will obviously want to achieve the best annuity rate possible. To do this, you can choose to shop around yourself, by going directly to each insurer that deals directly with the public, namely Irish Life, New Ireland, Standard Life and Zurich and then take the best offer. Sounds like job done but not quite, it ignores two important facts:
- Even direct financial advisors charge commission.
- It’s much more time consuming, than using a financial broker.
Getting the Best Annuity Rate in Ireland
The fact is that a Financial Broker can help you to secure a more competitive rate, than that which a direct advisor and also help you understand different annuity types ensuring that the annuity you choose is the most suited to your personal needs.
Direct advisors write less business, are limited to only one insurer and are wholly target driven. In fact, your typical direct agent will look to take 3% commission on a retirement annuity.
When it comes to selecting a Financial Broker not all will offer you the same deal, meaning the level of commission they receive can vary, but you can try to negotiate on their commission level.
Selecting your Annuity Type
- The first thing is to decide on whether you want a Single Annuity, or a Joint Annuity. If you have a spouse, you can select to have up to 2/3rds of your pension passing on to them on your death.
- You also need to decide, if there is to be a guaranteed payment period (on your own pension), if you were to pass away early. The maximum guaranteed payment period is 10 years.
- If do purchase a joint annuity, another decision is whether to include what’s called “payment overlap”i.e. are your partners pension payments to come after any chosen guaranteed period?
- Finally, do you wish to add inflation protection to your pension payments? Here, you can opt to include yearly percentage increases of up to 5%.
Note:
Every added feature from 1-4 above will place a cost on your purchasing fund, meaning your own starting pension figure will be reduced as you choose to add any of these additions.
Why Choose One Quote Financial Brokers?
- We take reduced level commission to enhance your annuity rate.
- We guide you through all annuity options, to ensure you choose only the most suited solution.
- We hold agency with all 5 leading annuity providers in Ireland.
- With our help, you can quickly compare the market to find the very best deal.
NOTES:
(A) We strongly recommend considering a low risk ARF against an Annuity prior to making your final decision.
(B) Annuity quotes are based on long-bond rates, and remain valid for 14 days.
Free Annuity Quotation
We have already outlined the highly competitive terms that we can offer, so should you wish to start the process, with a detailed personalised quotation, please get in touch.
To arrange a free initial consultation by Phone or Video, please contact us today.
Contact: Ken O’Gorman – Retirement Specialist– CB, QFA, RPA, SIA – One Quote Financial Brokers on: 01 845 0049 or email: ken@onequote.ie
Or enquire online and give us a quick outline of how we can help.
