The Lemon Fool

I've looked at the https://www.moneyadviceservice.org.uk/en and http://www.williamburrows.co.uk/toolbox/annuity-tables/ (thanks for the latter Supremetwo) to see what Mrs C's AVC might be worth as an annuity. We've pretty much decided to keep it simple by taking a tax free lump sum of around 20% and using the rest to buy an annuity.

We've spoken to the Pension Advisory Service so I know that we can either use an IFA or go straight to one of the providers that the websites above show. I gather than money advice service is whole of market, so why go to an IFA? Pension Advisory Service says that IFA sometimes negotiate better annuity deals. However, it will cost me to use one. So ... my question .... is it worth paying an IFA on the off chance that they have a better deal? How much better might it be and how much might an IFA charge?

Thanks
C

What sort of amount are you talking about? AIUI, the money advice tool does access the whole of the market (there are very few providers in this market now).
You can always talk to a few FAs and see what you think - it shouldn’t cost anything to get a quote, and listen to their sales pitch as to what value they can add. The MAS website has a retirement adviser directory.
There are quite a lot of things to think through when buying an annuity, single or joint life, escalating, guarantee periods, etc etc. But with the right information I don’t see why you can’t work out what you want for yourself in discussion with the annuity providers.
Also, does MrsC have any medical conditions or risk factors (eg high BMI?) in which case she might get an enhanced rate.