Simple
steps
Steps to buying an annuity
Our Guided Annuity Service is a step-by-step process that will help you find the annuity with the highest income. We’ll be there at each step to make sure you feel comfortable with the choices you make and have the support you need to make an informed decision.
We have outlined the key steps in our journey in the diagram below so you know what to expect. Our telephone helpdesk service is available for you to use at every step.
STEP 1: Referral
When you’re ready to take your benefits, your scheme will send us your information. We'll then call you and outline the fees for our service.
STEP 2: Pre-Retirement Report
We’ll send you a Pre-Retirement Report containing a range of annuity quotes and the information you'll need when choosing an annuity. It will also include login details to our online annuity tool called ASSIST.
STEP 4: Options Returned
If you choose not to use our ASSIST tool, you can send us your options forms indicating your chosen annuity basis, alongside your health and lifestyle information.
STEP 3: Assist Tool
With ASSIST you can model various annuity shapes using real time rates. It will provide outline quotes in a matter of seconds. You can submit your full options, health and lifestyle details online through the tool, avoiding the need to send us any forms.
STEP 5: Customer Understanding Call
We'll call you to discuss your choices. We'll check that you've made the decision that best suits your circumstances, and answer any questions. We'll also capture more detailed health and lifestyle information that could increase the income you receive.
Step 7: At-Retirement Report
Your case handler will get quotes from all the annuity providers on the open market and will create your At-Retirement Report. This will include the top five quotes along with an application form for the provider paying the highest income. We’ll pre-populate the application form for you, to make completing the paperwork as easy as possible.
STEP 6: Updated Fund Values
We'll contact your pension scheme to understand the current value of your pension fund.
STEP 8: Application form returned
Complete the paperwork and return the forms to us.
STEP 9: Application submitted
Your case handler will submit your application form to the new provider and tell your scheme to disinvest your pension funds. We’ll liaise with the annuity provider and pension scheme on your behalf and keep you updated throughout the process.
STEP 10: Completion
Any tax-free cash will be paid to you by your pension scheme. The set up of your annuity will complete and your provider will issue your policy documents.
