An Extra £700 Income Per Year? Yes Please!
Our client had several older style pension plans with guaranteed annuity rates and asked us to look at these, to obtain the best income available for him.
We obtained quotations from the provider, and these showed an annuity rate of only 7.07%. This was less than we expected from our knowledge of this type of scheme.
We therefore queried this with the provider, who confirmed there has been an error, and we finally managed to secure him a rate of 12.75%, which the original should have been.
Our client would not have been aware that the initial rate was incorrect, and if he had not come to us for advice he may have accepted the original quotations.
This error is unlikely to have been picked up by the provider, as data provided by them was incorrect on two occasions when we queried it, and only after a number of telephone conversations and persistence by us that they had made a mistake did we manage to obtain the correct rates.
Finally our client has ended up £700 per year better off, as a result of taking advice.
Our client was very happy and said “Thank you very much for your detailed letter and for all that you have done to secure the best possible rates for me. It was certainly worth my while consulting you!”
If you have any pension plans which you do not know a lot about (or even some that you do!) that you would like us to take a look at, give us a call on 01543 440 300 or email us at enquiries@acuityfinancial.co.uk.
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